Reuters report UnionPay money transfer hole

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  1. #1

    Join Date
    May 2005
    Location
    Hong Kong, from UK
    Posts
    3,838

    Reuters report UnionPay money transfer hole

    Full report (PDF) here

    To summarise, all those jewellery shops around the casinos in Macau? They're processing massive amounts of fraudulent UnionPay cash withdrawals, processed as 'generic sales' - or in some cases 'selling' bullion then buying it back immediately for cash, which amounts to the same thing - as a way of getting around China's money transfer limitations. UnionPay is relatively lightly regulated in China, since it's seen as a successful national brand and a soft power export, and there are cracks in regulation between Macau and Chinese authorities. The report talks about the money going to the casinos, but there's a slightly disguised implication that it could be used for large-ish scale money laundering as well...

  2. #2

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,557

    I am OUTRAGED!!!

    Not really, not at all surprised.

    Chinese nationals taking part in money laundering. OUTRAGE!!!

    Oh, hold on, why does Hong Kong have a property bubble?

    I presume the mainland press will state that this report has been fronted by the CIA?