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China shuts down 500 underground banks

Tuesday 23 November 2010 - by Nicola York

The Chinese police authorities have shut down 500 underground banks since 2002 according to the Chinese Ministry of Public Security.

The Ministry says ten crack-down operations have been waged since 2002 in which over 100 cases involving more than $30bn (€22.1bn) have been handled.

The cases were handled by a division dedicated to anti-money laundering and involved more than 400 police officers over the past eight years.

China joined the Eurasian Group on Combating Money Laundering and Financing of Terrorism in October 2004 to increase international cooperation.

It is also a member of the Paris-based Financial Action Task Force on Anti-Money Laundering.



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