Monday, August 31, 2015

China crackdown on underground banks

(Reuters)  China launches crackdown campaign on underground banking to curb money-laundering and illegal funds transfers. Concerns and worries over China's economic slowdown and possible interest rate rises by the U.S. Federal Reserve have led to a wave of Chinese capital outflows this year. Chinese law prohibits individuals from transferring more than $50,000 annually out of the country, but the underground banking industry has thrived in recent years as a channel to send money out of China. In April, a similar campaign found 66 underground banks responsible for illegally funneling out more than US$67.5 billion.

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