China cracks down on black market bankers with tougher rules

Pedro Gonçalves
clock • 2 min read

China will impose tougher punishments on underground bankers moving money in and out of the country to curb capital flight. Underground bankers trading in large amounts of foreign currencies can now be charged with the crime of operating an illegal business and risk facing more than five years in jail, according to a judicial notice that took effect from February. Before this, offenders were only fined. "The major business for most underground banks is now contra payments, leading to huge capital outflows and great damage to society. It's the major target of our crackdown," according ...

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