Chinese police have this year uncovered US$30 billion worth of illegal banking activity, involving 158 cases of underground banks and money laundering, Xinhua news agency reported late on Tuesday, citing the Chinese Ministry of Public Security.
A special task force, jointly launched by the ministry, the central bank and the foreign exchange regulator, uncovered illegal banking services in 192 locations, the report said.
Beijing started a crackdown on underground banks in April last year and had uncovered more than 170 cases of money laundering and illegal fund transfers involving more than 800 billion yuan (US$120.62 billion) as of November last year.
China has been dogged by reports of rogue managers of peer-to-peer platforms, and has been criticized by local and overseas investors for being soft on money laundering, prompting authorities to take action.
Although the crackdown has curbed underground banking to some extent, illegal activities using those “gray capital” networks are still spreading and becoming more elusive, the report said.
Underground banks are channels for transferring money obtained through illegal activity, including public funds embezzled by corrupt officials, it added.
“Criminal activities by underground banks are still rampant. There is increasing collusion among underground banks in different regions,” Xinhua reported.
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