20 November 2015

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Black Money Operation Skynet China Cracks $64 billion Money Laundering Network

Black Money Operation Skynet China Cracks $64 billion Money Laundering Network

China –

Following Fox Hunt 2015, China launched a campaign named "Skynet" this April to capture corrupt officials who fled abroad.

As of late June, more than 260 fugitives have been returned to China from more than 30 countries and regions, including the United States, Canada and Australia.

China has tight currency controls, which officially limit individuals to converting $50,000 worth of currency a year

Chinese citizens are officially limited to converting $50,000 of yuan per year.

China said it cracked the nation’s biggest “underground banking network,” which handled 410 billion yuan ($64 billion) of illegal foreign-exchange transactions

Over 370 people were detained, prosecuted or otherwise reprimanded in the case, police in Jinhua city said in a statement on their website. Jinhua is in Zhejiang province on China's eastern coast, a zone known for its shadowy financial networks.

Underground banks have been used for laundering money obtained from corruption, telecommunications fraud, drugs and terrorism
Police said one leader of the Zhejiang network was a man named Zhao Mouyi, who transferred over 100 billion yuan overseas using 850 different bank accounts and a dozen Hong Kong front companies. It took police nearly a year to sort through over 1.3 million suspicious transactions

state-run People's Daily reported that Since April, Chinese authorities have uncovered over 170 big cases of underground banking and money laundering worth over 800 billion yuan ($126 billion)

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Friday, November 20, 2015

Tags – China Black Money Laundering