CHINA HEADING FOR MASSIVE ILLEGAL CAPITAL FLIGHT OF DIRTY AND CLEAN MONEY
September 27th, 2023
Risk specialists predict that the current instability in China’s trust sector and China’s slowing economic growth will lead to a massive outflow of capital from China, breaching Chinese money laundering laws. That will include both the export of legally earned money in excess of Chinese capital export caps of USD50,000 per year and illicit movements of criminal proceeds.
At the centre of the current turmoil stands the August 17 insolvency filing of the China Evergrande Group (CEG), the second largest Chinese property developer by sales (1), made to the New ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.