Category: underground bank

China Uncovered First Case of Underground Bank Using Game Time Cards

The Chinese Communist Party’s (CCP) strict controls on foreign exchange have led to a proliferation of underground banks. Shanghai police recently cracked the first case of an underground bank selling game time cards (GTC) as a cover for illegal currency exchange. In six years, the underground bank has transferred $3.75 billion. According to Chinese media…


China Insider: Defense Bill Orders U.S. Treasury to Probe Chinese Money Laundering

The U.S. Treasury Department will investigate the risks posed by China’s money laundering and develop a strategy to defend against it, as required by the National Defense Authorization Act of 2021.