The Chinese Communist Party’s (CCP) strict controls on foreign exchange have led to a proliferation of underground banks. Shanghai police recently cracked the first case of an underground bank selling game time cards (GTC) as a cover for illegal currency exchange. In six years, the underground bank has transferred $3.75 billion. According to Chinese media…
China Uncovered First Case of Underground Bank Using Game Time Cards
China Insider: Defense Bill Orders U.S. Treasury to Probe Chinese Money Laundering
January 19, 2021
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2021bankcashChinaChina Business & EconomyChina InsiderChina SocietyChinese Regimecrimeeconomyfaking trade invoicefinancefinancialgamblingGraham Barrowlegal personmoney launderingNational Defense Authorization ActNDAANews VideosPolicyreal estateshadow companiessmugglingU.S. treasury departmentunderground bankUSVideovideo specialVoice of America
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2021bankcashChinaChina Business & EconomyChina InsiderChina SocietyChinese RegimecrimeEconomyfaking trade invoicefinancefinancialgamblingGraham Barrowlegal personmoney launderingNational Defense Authorization ActNDAANews VideosPolicyreal estateshadow companiessmugglingU.S. treasury departmentunderground bankUSVideovideo specialVoice of America
The U.S. Treasury Department will investigate the risks posed by China’s money laundering and develop a strategy to defend against it, as required by the National Defense Authorization Act of 2021.
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