HONG KONG AND MACAO MAJOR CONDUITS FOR DIRTY MONEY LEAVING MAINLAND CHINA
November 1st, 2014
CHINESE President Xi Jinping’s prominent ongoing anti-corruption, anti-money laundering campaign has been worrying mainland Chinese citizens who seek to move ill-gotten wealth from mainland China to China’s Special Administrative Regions Macau and Hong Kong. These two jurisdictions are China’s major conduits for dirty money because, once the money has been moved there, there are no limits on outbound money transfers. This contrasts with mainland China, from where individuals can only take Chinese Yuan Renminbi CNY20,000 (USD3,270) in cash across the border, ...
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