According to PANews, Hong Kong law enforcement agencies recently conducted a significant anti-money laundering operation, codenamed Micro Song, Black Brain, and Ghost Hero, resulting in the dismantling of three money laundering syndicates and the arrest of 27 individuals. The total amount involved in these cases exceeds HKD 300 million. The investigation began in March this year when Hong Kong authorities received a request from Singaporean officials to investigate over 30 fraud cases, with approximately HKD 30 million in fraudulent funds transferred to puppet accounts in Hong Kong through multiple transactions. Investigators revealed that one of the syndicates attempted to evade detection by using numerous accounts for transfers and making multiple cash withdrawals to purchase virtual currencies on local virtual asset trading platforms. Additionally, Hong Kong police disclosed that in the first half of this year, law enforcement agencies arrested 5,693 individuals for money laundering-related crimes, marking a 40% increase compared to the same period last year. Among those arrested, 4,465 were puppet account holders, accounting for 78% of the total arrests.