LEADING CHINESE SHOPPING SITES SEEN AS MONEY LAUNDERING VEHICLE FOR GAMBLERS

On 16 September, the Financial Times reported claims that money launderers use Chinese online shopping sites to funnel cash offshore.  It is claimed that individuals seeking to circumvent the nation’s capital flight restrictions, including to gamble online, have been placing fake orders on Pinduoduo and other Chinese shopping platforms.  It is said that Chinese law enforcement officials involved in arrests tied to the alleged scheme have said that at least $2.06 billion was laundered to offshore gambling websites through fake purchases and other means. 

https://www.riskscreen.com/kyc360/news/leading-chinese-online-shopping-sites-seen-as-money-laundering-vehicle-for-online-gamblers/

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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