China cracks down on m/l ‘smurfing’ and capital flight

摘要

CHINA arrested suspects for illegalrnforeign-exchange transactionsrntotalling $64 billion late last year,rnin a crackdown that took place inrneastern Zhejiang province, wherernmore than 370 people were eitherrnarrested, face lawsuits or somernother penalty. Organised crime wasrnheavily involved, and among thosernarrested, 100 suspects from eightrngangs were detained. The gang'srnringleader allegedly runs several shell companies in Hong Kong thatrnwere dealing in money launderingrnand foreign exchange transactions.