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The Highs and Lows of China’s High Rollers

Al Jazeera’s Witness this week features a documentary about gambling addicts in Hong Kong. High/Low follows two Hong Kong locals who have lost money, pride, and the trust of loved ones around them.  Michael, an older man, lost...

U.S. Looking into China’s Business With Iran

Following its investigations of HSBC and Standard Chartered in recent weeks, U.S. prosecutors now say they have discovered evidence that Chinese banks may have played a role in transferring money to Iran. From The New York...

Report: Gu Kailai Confesses to Heywood Murder

The Asahi Shimbun is reporting that Gu Kailai has confessed to killing British businessman Neil Heywood to keep him from revealing the details of her large and illegal overseas remittances, according to Chinese Communist Party...

China’s Anti-money Laundering Strategy Launched

From China Daily: China’s first anti-money laundering strategy was released today by the Central Bank and anti-money laundering departments, chinanews.cn reported. The strategy focuses on the anti-terrorism financing...

Taiwan Prosecutor in Hong Kong For Chen Probe: Report

From AFP: A Taiwanese prosecutor has flown to Hong Kong as part of a investigation of former president Chen Shui-bian and his family for alleged money laundering, a report here said on Tuesday. The Apple Daily said prosecutor...

Paper Trail Shows Millions Laundered

From Economic Observer Online: Only eight years after mysterious, lightning-quick transactions shuttled millions of yuan through his trading accounts did Yu Yinzeng realize that he might have been part of a money laundering...

Ex-president Barred From Leaving Taiwan

From AFP: Taiwan’s former president Chen Shui-bian has been barred from leaving the island and his office raided on money-laundering allegations implicating him and his family, officials said Sunday. The coast guard...

China Uncovers Money Laundering – AP

From AP via Business Week: Chinese authorities have found seven big underground banks involved in money laundering cases worth more than 14 billion yuan (US$1.75 billion;euro1.3 billion), the official Xinhua News Agency said Tuesday. Police arrested 44 people suspected of involvement in the undergound banks, found in Shanghai, Guangdong, Inner Mongolia, Liaoning and Heilongjiang, Xinhua […]

China passes first anti-money-laundering law – Andrew Yeh

From Financial Times: Beijing has passed its first law targeting money-laundering, a sign of the government’s growing concern over the pervasiveness of financial crime. China’s legislature on Tuesday adopted the law, which is expected to go into effect on January 1, according to Xinhua news service. The legislation details the many forms of money laundering, […]

No More Gambling on N. Korea – Barbara Demick

From the Los Angeles Times (link): In February, Macao‘s banking regulators froze $25 million worth of North Korean accounts in the Banco Delta Asia, a bank the U.S. Treasury Department had accused in September of helping the North Korean government launder money and distribute counterfeit U.S. currency. A North Korean company, Jokwang Trading Co., long […]

Drug cartels ‘laundering cash in China’ – Guy Dinmore

From the Financial Times (link): The US on Wednesday expressed concern that ever more sophisticated drug-trafficking cartels were using China’s inadequately controlled financial system to launder their proceeds, possibly even getting tax breaks in the process. Releasing its annual report on drug-trafficking worldwide, the State Department’s bureau for international narcotics and law enforcement affairs pointed […]

Guo Nei: Law in pipeline to ban money laundering

From China Daily: China is speeding up legislation of its first anti-money laundering law, the draft of which will be submitted to the National People’s Congress, China’s top legislature, for review this year… An official with PBC, China’s central Bank, said the law will probably expand the scope of application into the other major areas […]

Li Ruogu: China active in fighting against money laundering

From Xinhua – English: China has become an important country in fighting against money laundering and terrorist financing by actively taking part in international cooperation, Deputy Governor of The People’s Bank of China Li Ruogu said here Wednesday. Speaking at an international conference entitled “Creating Global Partnership and Synergy in the Fight Against Money Laundering,” […]

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