The State Administration of Foreign Exchange notified ten typical cases of foreign exchange violations for the second time within one month.
On December 25, the State Administration of Foreign Exchange stated that in accordance with the Anti-Money Laundering Law of the People’s Republic of China (Presidential Order No. 56 of the People’s Republic of China) and the Foreign Exchange Administration Regulations (Order No. 532 of the State Council of the People’s Republic of China), the foreign exchange bureau strengthened the supervision of the foreign exchange market, severely cracked down on illegal transactions of funds involved in cross-border gambling, and maintained a healthy and healthy foreign exchange market.
This is the sixth time that the State Administration of Foreign Exchange has notified cases of foreign exchange violations this year. In April this year, the Administration of Foreign Exchange notified a total of 20 cases of illegal cross-border gambling funds. For transfer cases, the ten cases notified in July were all cases of illegal foreign exchange trading. In September, ten cases of illegal foreign exchange trading in cross-border gambling were notified. On December 4, ten typical cases of foreign exchange violation were notified.
Case 1: The case of Mr. Song from Guangdong who illegally bought and sold foreign exchange
June-July 2018, Du A domestic merchant’s POS machine was used to illegally move the machine overseas to buy and sell foreign exchange for 8 times, equivalent to 758,000 US dollars, for overseas gambling activities.
This behavior violates Article 30 of the “Personal Foreign Exchange Management Measures” and constitutes an illegal foreign exchange transaction. In accordance with Article 45 of the Regulations on Foreign Exchange Administration, a fine of RMB 726,000 was imposed. Punishment information has been incorporated into the credit investigation system of the People’s Bank of China.
Case 2: The case of Ye Mou from Zhejiang Province illegally buying and selling foreign exchange
July 2018-July 2019 , Ye Mou illegally bought and sold gambling foreign exchange funds 29 times through an underground bank, equivalent to US$992,000.
This behavior violates Article 30 of the “Personal Foreign Exchange Management Measures” and constitutes an illegal foreign exchange transaction. In accordance with Article 45 of the Regulations on Foreign Exchange Administration, a fine of RMB 681,000 was imposed. Punishment information has been incorporated into the credit investigation system of the People’s Bank of China.
Case 3: The case of Xie Mou, a Hunan native, illegally buying and selling foreign exchange
March 2018-January 2020 , Xie Mou illegally bought and sold foreign exchange funds involved in gambling 28 times, equivalent to 862,000