Ever elu­sive un­der­ground bank­ing tar­geted

China Daily (USA) - - CHINA -

Chi­nese po­lice have busted un­der­ground banks that han­dled 200 bil­lion yuan ($30.2 bil­lion) in il­le­gal money trans­fers this year, the Min­istry of Pub­lic Se­cu­rity said on Wed­nes­day.

Po­lice said they ar­rested 450 sus­pects in­volved in 158 cases of un­der­ground bank­ing and money laun­der­ing, ac­cord­ing to the min­istry’s web­site.

Bei­jing has been fight­ing il­le­gal cross-bor­der out­flows in an at­tempt to slow cap­i­tal flight as the yuan cur­rency weak­ened to near six-year lows.

A spe­cial task force, launched by the MPS, the cen­tral bank and the for­eign ex­change reg­u­la­tor, un­cov­ered il­licit bank­ing ser­vices in 192 lo­ca­tions this year, the no­tice said.

On Wed­nes­day, China state broad­caster CCTV re­ported that po­lice in the south­ern city of Shen­zhen re­cently busted an un­der­ground bank that han­dled 30 bil­lion yuan in trans­ac­tions over a six-year pe­riod. Po­lice ar­rested 26 ma­jor sus­pects in four dif­fer­ent cities, the re­port said.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.