The Business Times
The Business Times
Subscribe
Share on FacebookShare on TwitterView more
The Business Times
Create a free account with Business Times for seamless access across SPH Media products.
REGISTER
LOGIN

Companies & Markets

SUBSCRIBERS

China busts illegal money flows of US$125b

Illegal activities of underground banks are spreading and the situation is still grave, says a report

Published Fri, Nov 20, 2015 · 09:50 PM
Share this article.

Shanghai

CHINA started a crackdown on underground banks in April and has so far busted over 170 cases of money laundering and illegal fund transfers involving more than 800 billion yuan (S$177 billion), official People's Daily reported on Friday.

Illegal flows of such "grey capital" have not only impacted China's foreign exchange management system, but also seriously disturbed the country's financial and capital markets order, the Communist Party's …

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Banking & Finance

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here