How China came to dominate the black market for money laundering
Telegraph
23-05-14 13:00
Criminal gangs are using Chinese fixers to clean cash in a growing problem for global law enforcement agencies, with some experts believing that Chinese-controlled entities and individuals are now responsible for up to 50% of money laundering worldwide. Mexican and Colombian drug cartels are increasingly using Chinese launderers to service their empires, according to US lawmakers. Fixers charge up to 6%, if not nothing, for their services, and rely on trusted contacts to move illicit funds. Once in a bank account, laundered dollars can be sold to Chinese elites, or can be used to buy overseas property or pay college tuition fees. In exchange, the Chinese elite will send the corresponding amount of renminbi plus a fee from their Chinese account to the gang’s account in China. Europeans have been warned of the danger of Chinese “mules” being used to move illicit money into and out of the UK.