The Madrid branch of Chinese bank ICBC received cash in rucksacks and boxes from Chinese criminal groups in Spain and wired the money to accounts in China under a $100-million money-laundering scheme, Spanish prosecutors say. Details of the allegations against ICBC are made public for the first time in a court document summarising an investigation […]

Chinese cyber spies have been accessing the private emails of top US national security and trade officials since April 2010, citing a U.S. intelligence official and top secret document. The officials’ government email accounts were not vulnerable to the hacking because they were on more secure systems, NBC said. A National Security Agency briefing in 2014 […]

PetroChina’s supplier Wison Engineering Services Co Ltd and its chairman Hua Bangsong have both been found guilty of paying bribes, the company said in a Hong Kong stock exchange filing. A Chinese court has ordered Wison to pay a fine of 30 million yuan ($4.83 million) and sentenced the chairman to 36 months in jail […]

The former deputy general manager of state-owned oil giant China National Petroleum Corporation (CNPC) and an ally of former security chief Zhou Yongkang has been put on trial for alleged corruption. Wang Yongchun (photo), who was investigated in August 2013, was accused of taking 48.5 million yuan ($7.8 million) in bribes from 67 entities and […]

The Communist Part of China’s crackdown on corrupt officials has created a wave of economic fugitives, who are fleeing China to escape trial. The Ministry of Public issued the photos of alleged economic fugitives from China, many of whom are thought to be in Australia. The Chinese diaspora is widespread. Since President Xi Jinping began […]

In the midst of turmoil in the Chinese stock markets, one serious problem that may appear is increased currency outflows created by current and potential investors who would rather move their assets to foreign countries viewed as safer havens. Money laundering should be under close surveillance. Chinese involvement in money laundering has been growing. “China […]

In a landmark decision released on 10 February, 2015, the Chinese National Development and Reform Commission (“NDRC”) announced that Qualcomm, the US chip manufacturer, had been fined RMB 6.08 billion (approximately US$ 975 million) for abuse of market dominance, including unfair licencing practices. The record fine, which is the largest on record in China, follows […]

According to a report published in China by the Central Bank (that has since been removed) and reported by the BBC, close to 20,000 public officials in China have collectively removed about $120 billion from China and transferred it to Canada, the US, Australia and the Netherlands through the use of offshore structures such as […]