Chinese Authorities Arrest 450 in Underground Banking Crackdown

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Chinese Authorities Arrest 450 in Underground Banking Crackdown

Postby kreslik.news » Tue Aug 16, 2016 9:19 am


The flow of capital out of countries or jurisdictions has always been a contentious issue, with China arresting upwards of 450 suspects after cracking down on underground banks or illegal offshore companies, according to a recent Bloomberg report.

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Underground banking involves the transfer of money through informal channels rather than formal banking – the practice is a recognized method by which legitimate remittances from overseas workers are transferred. However, underground banking has also long been regarded as a conduit for money laundering.

Underground Banking in Focus

Chinese authorities ... (read more)

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