China’s financial services watchdog uncovered nearly 60,000 cases of fraud in 2017, including a raft of trade-based financial crimes that often featured letter of credit (L/C) fraud.
According to the China Banking Regulatory Commission (CBRC), it unearthed frauds worth a staggering US$2.72 trillion.
Fabricated documents
One of the worst offenders according to the commission was China Guangfa Bank, which has its headquarters in Guangzhou.
After a CBRC investigation, the commercial banking corporation was found guilty of fabricating L/Cs and concealing toxic assets. The bank was fined more than US$100 million for its misdemeanours.
Track record
Since March 2017 the commission says it has uncovered nearly 60,000 cases of fraud involving 17.7 trillion yuan (US$2.72 trillion).
Fines totalling 2.9 billion yuan were imposed on 1,877 banking operations according to CBRC data.
Categories: Trade Based Financial crimes News
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