CHINA-INTERNAL: ILLEGAL FOREIGN CURRENCY REMITTANCES
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Beijing police authorities raided 10 'underground' banks across the city on November 14, 2014, uncovering almost US$ 23 billion in illegal transactions. China initiated a crackdown on illegal transactions intended to evade tax or channel funds out of the country. In September it uncovered US$ 10 billion in such fraudulent trade. (Comment: 'Underground banks' are usually family-run and operate out of homes and use online and mobile payment devices to buy or sell foreign exchange and illegally transfer funds abroad.)
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