China's police have busted five major black markets dealing in
illegal money transfers and unauthorized foreign currency
conversion. The sums involved are a staggering 10.4 billion yuan
(US$1.3 billion).
By the end of July, police had arrested 27 suspects and seized
funds worth more than 34 million yuan (US$4.25 million), the police
authority announced Tuesday.
"Illegal forex trading is a major component of these black
market businesses," said Wu Heping, spokesman for the Ministry of
Public Security, calling for public awareness of the crackdown.
"It is very risky to trade in black markets because we
confiscate all the funds we find," Wu said, warning the public that
involvement in illegal forex trading will lead to severe
penalties.
China has intensified its fight against illegal forex trading in
recent years with joint efforts by the police, the central bank,
and the foreign currency exchange administration.
(Xinhua News Agency August 9, 2006)
