Illegal fund flows fight toughened
Print Edition
China will step up its crackdown on illegal cross-border money transfers conducted by underground money dealers and offshore companies, as part of efforts to fight corruption, the central bank said over the weekend.
Authorities, including the People鈥檚 Bank of China, the State Administration of Foreign Exchange and the police, will intensify measures to clamp down on illegal money outflows, the PBOC said in a statement on its website.
China has already detected 92 鈥渕ajor鈥 cases involving over 800 billion yuan (US$126 billion) since launching the campaign in April, it added.
The crackdown is also aimed at curbing hot money flows as China gradually opens up its financial markets and promotes the yuan鈥檚 use in trade and investment.
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