How Chinese networks clean dirty money on a vast scale
These shadowy “banks” are becoming the financiers of choice for transnational criminal gangs
IT IS RARE these days for America and China to co-operate on anything. As The Economist went to press, America’s secretary of state, Antony Blinken, was on a trip to China, in part to press his hosts to stop sending weapons-related materials to Russia’s defence industries. He will be lucky to get a polite smile. So it is noteworthy that the two countries have recently decided to boost mutual support in another domain: the fight against money-laundering. This month they launched a bilateral forum to discuss the problem. Unlike Russia, it is a big one for both of them.
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This article appeared in the China section of the print edition under the headline “Mules and motorcades”
From the April 27th 2024 edition
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