Chinese police are investigating a case of illegal foreign exchange activity and money laundering after tip-offs from the US, state media said yesterday.
The US and China restarted talks on counternarcotics and law enforcement cooperation at the start of the year, and China’s public security department lauded the case as a successful example of Sino-US anti-drug cooperation.
The news appeared to corroborate information released by the US Department of Justice on Tuesday, alleging that Mexico’s Sinaloa Cartel conspired with groups based in California and tied to Chinese underground banking to launder drug-trafficking proceeds of more than US$50 million.
Photo: REUTERS
The department said that it closely coordinated with law enforcement in Mexico and China.
Chinese state media said in a brief dispatch that, following US tip-offs, an investigation found that since 2017 a man surnamed Tong started a vehicle dealership in the US, which also offered Chinese yuan and US dollar exchange services for customers.
The operation later evolved into criminal activities including the illegal trading of foreign exchange, Xinhua news agency and China Central Television (CCTV) reported, citing the public security department.
The suspect was arrested and the case is under further investigation, state media said.
The superseding indictment names Tong Peiji as one of the defendants.
When asked about the case at the regular news conference, the Chinese Ministry of Foreign Affairs said: “We refer you to the competent authorities.”
The US, where fentanyl abuse has been a major cause of death, has pushed for deeper law enforcement cooperation, including on tackling illicit finance, and further controls on the chemicals that can be used to make fentanyl.
CCTV reported that the Chinese National Health Commission is to add 46 substances to its supplementary list of controlled non-pharmaceutical narcotic and psychotropic drugs from July 1.
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