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China Uncovers $30 billion worth of Illegal Banking Activity

China Uncovers $30 billion worth of Illegal Banking Activity

China police have uncovered $30 billion worth of illegal banking activity, involving 158 cases of underground banks and money laundering.  A special task force launched by the Ministry of Public Security, central bank and foreign exchange regulator showed illegal banking services in 192 locations.

“China police have uncovered $30 billion worth of illegal banking activity, involving 158 cases of underground banks and money laundering.”

~ CNBC

China has had reports of rogue managers of P2P – shadow banking platforms – and has been criticized by local and overseas investors for being soft on money laundering, prompting authorities to take action. The crackdown included the investigation on the country’s biggest underground banking case that handled $64 billion worth of illegal transactions.

Related Reports: CNBC, Reuters

 

About Ministry of Public Security China

The Ministry of Public Security (MPS) is the principal police and security authority of the People’s Republic of China and the government agency that exercises oversight over and is ultimately responsible for day-to-day law enforcement. It is headed by the Minister of Public Security. Prior to 1954, it was known as the Ministry of Public Security of the Central People’s Government. The Ministry operates the system of Public Security Bureaus, which are broadly the equivalent of police forces or police stations in other countries. The candidate for the minister of the MPS is nominated by the Premier of the People’s Republic of China and approved by the National People’s Congress.

Visit: Ministry of Public Security

 


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