© Reuters. Taiwan Aims To Offset Crypto-Related Money Laundering Schemes With New Bill

Benzinga - by Khyathi Dalal, Benzinga Staff Writer.

The Electronic Investigation Team of the Criminal Bureau in Taiwan has nabbed an individual suspected of laundering a record $320 million through digital assets, making it the largest single case of crypto-related money laundering in Taiwan.

What Happened: The suspect identified by the surname Qiu was first discovered in June 2023 in an investment fraud case wherein a fake securities trading app surfaced through an investigation started in 2022.

Also Read: Circle Partners With BitoGroup, Taiwan FamilyMart - Convert Loyalty Points To USDC Coin

Financial transactions and Qiu channeling money through multiple accounts led to Qiu’s arrest. Qiu exchanged money for Tether (USDT) and then sold it for cash conversion thereby hiding the origin of the funds.

Qiu also benefitted by taking a 1% commission from each transaction, and he also traveled frequently to Southeast Asian countries like Hong Kong, Malaysia, and the Philippines where he is suspected of having connections with gambling and fraud syndicates.

Qiu was also found to hold many luxury items like high-end vehicles and expensive watches. For evidence purposes, the authorities seized cash, laptops, and financial cards.

Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join our November 13 Fintech Deal Day and November 14 Future of Digital Assets. Secure a spot here to join them!

Read Next: Cryptocurrency Investors Beware: These Are New Hacking Techniques To Steal Your Coins

Meanwhile, three additional suspects have also been arrested in the case amid ongoing investigations for the destination of the stolen funds.

The news comes on the heels of Taiwan’s crypto regulatory bill for which a new draft proposal is already submitted. Under the bill, regulatory authorities can impose administrative penalties on operators who violate these self-regulation rules. Implementation is likely by mid-2024.

Benzinga's Future Of Digital Assets Event in New York is scheduled for Nov. 14. Attend and learn more about Taiwan, its regulatory framework, and the upcoming bill. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

Image: Pixabay

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga