How the rich smuggle cash from the country

News Snapshot:

In the stable, low-tax city-state where Mandarin is one of the official languages, signs of the influx of Chinese cash are everywhere, including an explosion in the number of family offices managing the assets of the rich. Yet opportunities to move cash legitimately from China are severely limited, with individuals normally allowed to wire only $US50,000 a year overseas. They also have a one-time opportunity to move their money when they emigrate. Plugging the gap is where the underground networks come into play. “These agencies have sprouted to meet soaring demand,” says Joel Gallo, an adjunct professor of finance at...