The authorities have solved 154 cases since the start of the campaign and busted 192 "underground banks," that had sought to circumvent government limits on transferring money abroad.
ice-foreign minister of China Zhang Ming delivers a speech during the inauguration ceremony of the Consulate General of People`s Republic of China on December 30, 2014 in Arbil, the capital of the Kurdish autonomous region in northern Iraq.
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The campaign against the use of offshore companies was initiated by the ministry and supported by the People`s Bank of China and the country`s State Administration of Foreign Exchange.
The ministry said illegal banking activities had decreased but were still "rampant" and the government would keep up its efforts to address the issue.
The crackdown focused mainly on cross-region and cross-border underground banks.
China arrests 450 auspects in money-laundering cases involving $30Bln
17 August 2016
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The Chinese authorities have arrested 450 suspects in money-laundering cases that involved 200 billion yuan (some $30 billion), the Public Security Ministry said Wednesday.
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