HONG KONG STARTS TO WORRY ABOUT TRADE-BASED MONEY LAUNDERING
October 1st, 2017
AS one of the world’s leading financial centres and a traditional bridge to mainland China for international business, Hong Kong has long been in the crosshairs of global money laundering investigations.
Hong Kong featured in the infamous ‘Russian laundromat’ scandal, uncovered by the Organised Crime and Corruption Reporting Project (OCCRP), that saw USD20 billion moved out of Russia between 2010 and 2014 through a web of shell companies. According to the OCCRP, more than USD927 million was funnelled through Hong Kong banks with another USD1 billion being ...
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