ONE-OFF TRANSACTION CHINA RISK AND Stringent local capital offshoring controls
09/02/2023
China is an example of a country that has significant constraints on its citizens investing or moving capital abroad. This has led to some people using alternative shadow banking networks to move wealth out of the country.
These networks usually have a dual purpose of cleaning illicit funds for criminals (while facilitating people to sidestep local capital controls), meaning that funds that pass through these networks will generally be the proceeds of crime, even if the client is not themselves a criminal. You may consider such networks as illegal money transfer businesses. Source of funds checks are very important where there is a risk that money has passed through one of these networks.
See here a link to the NCA's explanation of how this works in China. https://www.nationalcrimeagency.gov.uk/who-we-are/publications/445-chinese-underground-banking/file
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.