Unveiling the Monolithic Grip of Chinese Underground Banks on Global Money Laundering

Chinese enterprises have made indelible marks across multiple sectors worldwide, from steel to electric vehicles, arousing tensions in developed nations witnessing their own industrial decline. The latest conquest? Infiltrating the world’s largest illicit domain – international money laundering channels that support crimes ranging from drug trafficking to cyber theft orchestrated by North Korean hackers. An impenetrable shroud cloaks the exact extent of the money laundering industry, shielded by the absence of published reports by the perpetrators. As per the US Treasury Department’s estimates, a staggering US$154 billion (S$201 billion) of illicit proceeds transit through China annually. Predominantly stemming from the…