Category: underground bank

China Uncovered First Case of Underground Bank Using Game Time Cards

November 4, 2021
ArchivedChinaChina Business & Economychina capital outflowsNewsunderground bank
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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…

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China Insider: Defense Bill Orders U.S. Treasury to Probe Chinese Money Laundering

January 19, 2021
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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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.