Money Laundering Through China

AP: How con man used China to launder millions
Criminals around the world have discovered that a good way to liberate their dirty money is to send it to China, which is emerging as an international hub for money laundering, an AP investigation has found. Gangs from Israel and Spain, North African cannabis dealers and cartels from Mexico and Colombia are among those using China as a haven where they can safely hide money, clean it, and pump it back into the global financial system, according to police officials, European and U.S. court records and intelligence documents reviewed by the AP.

China's central bank and police refused repeated requests for comment.

In a regular briefing with reporters Monday, Chinese Foreign Ministry spokesman Hong Lei said the government "places great emphasis" on fighting crimes such as money laundering and is working to expand international cooperation. "China is not, has not been, nor will be in the future a center of global money laundering," he said.
A long and detailed account of various scams follows.


  1. I don't follow the logic of how the steel trade worked - did they instead mean he bought 100 tons but received an invoice for only 20?

    1. The opposite, he bought 20 and sold it, but has a receipt for 100. If the bank or authorities check on where so much money came from, he points to his receipt for 100 tons of steel he bought/sold.