Chinese underground banking and NCA guidance
08/12/2021
Chinese underground banking provides a money laundering method for criminals to wash their dirty money without any funds being transferred from one country to another.
The risk is driven, at least in part, by the Chinese government's policy and regulations regarding
- Personal foreign exchange transactions and
- The removal of capital from China,
Firms with Chinese clients need to be alert to the risk of handling or facilitating handling the proceeds of crime.
Further information is available in the NCA publication on Chinese Underground Banking and 'Daigou
https://www.nationalcrimeagency.gov.uk/who-we-are/publications/445-chinese-underground-banking/file
This document has been compiled by the National Crime Agency's National Assessment Centre from the latest information available to the NCA regarding the abuse of Chinese Underground Banking and 'Daigou' for money laundering purposes.
It has been produced to provide supporting information for the application by financial investigators from any force or agency for Account Freezing Orders and other orders and warrants under the Proceeds of Crime Act 2002. It can also be used for any other related purpose.
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