China Going After Dirty Money Creates Bitcoin Momentum

Exciting things are happening in China, albeit money launderers will not agree with that statement. Beijing authorities are collecting all of the dirty money in the country. Several hundred people have been arrested who are involved in illegally transferring money out of China. In fact, a total of 192 locations were discovered were illegal banking service are offered.

Over the past few months, a lot of money has been moved out of China. Despite the government taking ample precautions to limit capital outflow, people will find a way to bypass these rules if needed. Several places across the country offered illegal banking services, allowing customers to move funds out.

These so-called “underground banks” are usually used by criminals who want to launder money. According to government sources, these locations laundered roughly US$30bn over the past involving a total of 450 “staffers’. Public funds embezzled by corrupt government officials is one of the primary sources of this dirty money.

The Era of Dirty Money is Over In China

It is not the first time we see efforts like these launched by Beijing officials. A similar strategy was deployed in Macau recently, which made life a living hell for local casino operators.

Read more ... source: NewsBTC USA