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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)