China’s strict capital controls have created the perfect market for money laundering efforts — but authorities are catching on.
Chinese renminbi have become a currency of choice for money laundering. Credit: Japanexperterna.se, Creative Commons
Last October, the Justice Department unsealed an indictment in Alexandria, Virginia that charged six individuals with conspiring on American soil to launder $30 million in illicit proceeds for Latin American drug cartels.
According to the authorities, the sophisticated crimes were perpetrated with fake identities, shell companies and a network of brokers who — for a fee — found ways to move the illicit money from the streets of America, where the drugs were sold, to drug trafficking
Exclusive longform investigative journalism, Q&As, news and analysis, and data on Chinese business elites and corporations. We publish China scoops you won't find anywhere else.
A weekly curated reading list on China from Andrew Peaple.
A daily roundup of China finance, business and economics headlines.
We offer discounts for groups, institutions and students. Go to our Subscriptions page for details.
From Mike Mansfield to Max Baucus and Steve Daines, Montana has been the unlikely source of America’s most influential China-hand senators over the past half-century. But amidst spy balloons, trade wars and mutual paranoia, being a proponent for rational and beneficial relations between the two countries has never been harder.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.
