illicit money transfers News

Chinese banks must rate their clients’ risk of criminal conduct on a scale of 1-5 as part of the central bank’s moves to curb money laundering and fraudulent transactions estimated at hundreds of billions of dollars a year. The new …

Crime, corruption and tax evasion have cost the developing world nearly $6 trillion over the past decade, and illicit funds keep growing, led by China, a financial watchdog group said in a new report. China accounted for almost half of …