China and Macau Intensify Crackdown on Illicit Foreign Exchange Syndicates

Mainland China and Macau have joined forces to crack down on illegal foreign exchange operations and related crimes, dismantling 263 syndicates and identifying illicit funds exceeding RMB800 billion (approximately US$110 billion). The Ministry of Public Security announced these results during a press briefing, highlighting the extensive network of underground banks and unauthorized money exchangers operating […]