The Law Society Gazette on 26th November reported that Simon Lord had warned that solicitors acting for Chinese individuals in asset purchases should be aware that their clients are almost certainly breaching domestic law – probably by laundering the proceeds of crime in the UK; and that Chinese underground banking is ‘the most prevalent money laundering threat faced across the Western world’. Chinese law strictly controls the purposes for which citizens can obtain foreign currency and limits any individual to $50,000 in a year.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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