Skip to main content

China has arrested 75 people accused of engaging in underground banking, the Ministry of Public Security said, as authorities work to curb money laundering and illegal cash transfers.

Authorities also discovered 37 underground banking dens, the ministry said in a statement on its website. Those arrested had dealings totalling more than 240 billion yuan ($38 billion).

China said in August it would launch a three-month crackdown on underground banking. Fears over an economic slowdown and market instability have sparked a wave of capital outflows this year.

Chinese law prohibits people from transferring more than $50,000 out of the country per year.

Underground banking presents an increasingly complex threat to China's financial security, the ministry said in the statement, encompassing issues from financing for drugs and terrorism to tax fraud.

Related Articles

报名开始:2025 ALB China十五佳出海业务律师 / Submission open: 2025 ALB China Top 15 Overseas Investment Lawyers

ALB聚焦于企业出海尤其是律师在助力企业的出海中的重要角色,于2025年推出首个出海业务律师榜单——2025 ALB China十五佳出海业务律师。

2024 ALB China天达共和十五佳总法律顾问圆桌会议成功举办 (ZH/EN)

10月18日,2024 ALB天达共和十五佳总法律顾问圆桌会议在北京璞瑄酒店圆满举办。 本次盛会由天达共和律师事务所品牌运营总监刘思强女士主持,十五佳上榜总法及获奖代表出席了此次盛会。

功承瀛泰落子武汉,拓展华中布局(ZH/EN)

by Charlie Wu 吴卓言 |

总部位于上海的功承瀛泰律师事务所近日正式成立武汉办公室,成为该所在全国范围内的第16家分支机构。