Off the wire
• China treasury bond futures close lower Tuesday  • Nanostructured device grabs solar energy to disinfect water  • URGENT: China approves connecting of Shenzhen, HK bourses  • JMA issues warning for eastern Japan to brace for Typhoon Chanthu  • China treasury bond futures open lower Wednesday  • Putin thanks Kazakh counterpart for helping settle conflict with Turkey  • Nine Ugandan peacekeepers sentenced for misconduct in Somalia  • Dollar recovers to lower 100 yen range in early Tokyo trade  • Japan fail to make history after loss to U.S.  • Urgent: Four IS militants killed in west of Iran  
You are here: 　 Home

450 Chinese nabbed for suspected involvement in underground banks, money laundering

Xinhua, August 17, 2016 Adjust font size:

Chinese police have solved 158 major cases involving underground banks and money laundering this year and apprehended 450 suspects, the Ministry of Public Security (MPS) said Tuesday.

In a crackdown launched by the MPS, the People's Bank of China and the State Administration of Foreign Exchange, 192 locations where illegal banking services were provided have been discovered, involving nearly 200 billion yuan (30 billion U.S. dollars), the MPS said.

Crimes committed by underground banks are still rampant, although years of police efforts have managed to curb them to some extent, according to the MPS.

Underground banks in different regions have increasingly colluded with one another, with crimes spreading to more places and committed in more covert ways.

Underground banks have become channels for transferring illicit money obtained through all sorts of illegal activity, including public funds embezzled by corrupted officials, the MPS said.

This year's crackdown has focused on cross-regional and cross-border underground banks, as well as those who transfer money gained from corruption and other crimes, according to the MPS. Endi