Chinese fund houses on high alert for money laundering

Sep 10, 2009

Fund houses in China have been told to keep an eye out for customers whose names might be on the state's list of terrorists, criminal suspects, convicted criminals and enemies.

Since December last year, China has signed six currency-swap arrangements, with Argentina, Belarus, Hong Kong, Indonesia, Malaysia and South Korea. With the Chinese renminbi playing an ever-expanding role in international trade, the logic goes, aspiring money launderers seeking to benefit from the appreciation of the renminbi should deposit their laundered money in renminbi assets. Where better than the 500+ funds offered by the Chinese fund management industry?

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