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.

Per the report, the official declined to reveal further details about the tool’s…