Latest: Corruption and Money Laundering.

China strengthens efforts to clean up 'dirty money'

More than 2 million yuan earned via money laundering was
 handed over to police by a suspect at an underground
bank in Guangzhou, Guangdong, in April last year. Xinhua

The nation's financial authorities are tackling money laundering by improving the mechanisms used to track suspect flows of funds. 

Yan Feng (not his real name) used to operate a small store that sold liquor and snacks on a street near the ferry port in Shenzhen, Guangdong province.

Although the store appeared no different to any other outlet in the business-dominated city, which stands adjacent to Hong Kong and was the site of China's first Special Economic Zone, close acquaintances knew the family used the premises as a front for a well-developed underground bank.

For a year, Yan and his family helped clients to move amounts far in excess of the annual $50,000 foreign currency limit to regions outside the mainland, including Hong Kong and Macao, which have no currency restrictions...

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