Tuesday, March 29, 2016

Chinese money laundering is big business

So is there a Chinese connection to the 81 million dollar heist of Bangldeshi money via the Chinoy casinos here in the Philippines?

Enquiring minds want to know.

LiveMint (a business newsletter in India) has this article on Chinese money laudering.

Scam artists, drug cartels and gangs from around the world have found a new haven for laundering money: China. The country’s well-developed underground financial networks have caught the attention of foreign criminals who are using China to clean their dirty money and pump it back into the global financial system—largely beyond the reach of Western law enforcement, an Associated Press investigation has found.

the article goes into details on how they launder money via fake accounts and hiding it as legal orders of good. This is not a Chinese only scam: Gangsters, drug lords and other criminals from all over are using Chinese criminals to launder money because the Chinese government doesn't cooperate with outside investigators.

and one criminal interviewed by the AP notes:

“China has become a universal passageway for all these scams,” said Chikli. “Because China today is a world power, because it doesn’t care about neighbouring countries, and because, overall, China is flipping off other countries in a big way.”
So what does the Chinese government say about all of this?

In a regular briefing with reporters Monday, Chinese foreign ministry spokesman Hong Lei said “is not, has not been, nor will be in the future a center of global money laundering.”

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