Chen Case Sheds Light On China’s Money Laundering Problem

Chen Case Sheds Light On China’s Money Laundering Problem

HONG KONG — The arrest of the most high-profile public figure in China in a decade may be a shocking example of endemic corruption in the world’s biggest out-of-control economy, but the question on the lips of some financial investigators in the West is: Will the trail of Chen Liangyu’s ill-gotten loot lead to the United States? The shadow economy in China, a combination of embezzlement, bribery, tax avoidance and underground banking of both legal and illegal money, is huge, and growing. Much of this money is laundered abroad, mostly via Hong Kong, say investigators, and there is growing evidence […]

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