- in South America
- in South America
- in South America
- in South America
- with readers working within the Insurance and Law Firm industries
This article is certainly consistent with what we are seeing! Money continues to flow out of Mainland China (significant volumes through Hong Kong) destined for investment in property, businesses, other assets, or personal lifestyles in other countries. The numbers are big and the schemes are sophisticated - certainly an interesting area of focus for investigations in this part of the world.
And when the sums of money are even bigger, things get more sophisticated still. One common ruse is to doctor import contracts where bills have to be settled offshore. This can be done by inflating the value of the goods imported, with the seller then agreeing to siphon the difference into a separate offshore account. Or it can involve outright falsification. In one case in the eastern city of Wenzhou, a company created fraudulent commercial trades claiming it paid $9 million for imports. Another investment company, in Shenzhen, fabricated trades and wired almost $18 million overseas, according to the State Administration of Foreign Exchange disclosures.
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