Chinese laundry

Chinese laundry

South Africa pockets R190m illegally destined for Beijing.

Just 11 days before Christmas the SA Reserve Bank declared R192 million of “tainted” China-bound money that had been seized from the bank accounts of a Sandton currency-exchange business, forfeited to the state. The money had been deposited there more than five years ago by scores of local Chinese business people, many using false identities and forged bank documents, in an
attempt to send their undeclared millions back home, under a cloak of anonymity.

They had somehow been led to believe that Ace Currency Exchange (Pty) Ltd – owned by a Zambian with a history of shady dealing on the continent – offered a means of repatriating their funds to China under the radar of exchange control regulations.

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