Hong Kong to develop crypto tracking tool for money laundering

Hong Kong Customs and Excise Department teams up with the University of Hong Kong to build a crypto tracking tool amid a rise in money laundering cases involving digital assets.

Hong Kong Customs and Excise Department is partnering with the University of Hong Kong to develop a digital tool to track cryptocurrency transactions in suspected money laundering schemes.

On Thursday, Assistant Commissioner Mario Wong Ho-yin said customs officials would expand collaboration with academics, regional finance professionals and law enforcement to counteract increasingly complex and borderless financial crimes.

“These money laundering threats are characterized by a transnational and borderless nature, and no single agency can tackle this problem alone,” Wong said during a media briefing, according to a report by the South China Morning Post.

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