Money Laundering 洗钱

Money Laundering 洗钱

The term “money laundering” refers to turning “dirty money,” like the proceeds of corruption by officials, into “clean” cash or property that cannot be traced to its illegal origins. In China, this often involves sending the money overseas, where there is less risk of it tipping off authorities or being seized in an investigation. Despite regulatory limits on foreign money transfers, the international non-governmental organization Global Financial Integrity says that US$ 600 billion was illegally moved out of China in 2011, through methods like exchanging yuan for gambling chips in Macao, buying art and real estate, or mispricing trade goods.