Tuesday, March 5, 2024
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China cross-border currency crackdown continues with 10 fines


China is continuing its crackdown on cross border gambling, fining 10 people for currency trades totalling $6.6 million.

The fines, which amounted to $896,730, were handed out by the State Administration of Foreign Exchange, China’s foreign exchange regulator, according to state media reports.

The individual cases date back to as far as 2017.

Beijing announced in April that a crackdown on capital flight used for cross border gambling would be a priority this year.

The government said it would dismantle networks for fundraising and attracting gamblers in the country and cut off gambling-related capital and technology chains. It will also seek to cut promotional channels and stem the flow of gamblers.

Authorities are also targeting online payment platforms linked to gambling as well as companies offering internet services that can be traced to online gambling sites. 

In tandem with the measures taken at home, Beijing said it would continue to seek cooperation from its neighbours in stopping online gambling.

On Monday, China’s Foreign Minister, Wang Yi, met with the head of the Cambodia-China Intergovernmental Coordination Committee and stressed that he hoped Cambodian law enforcement would eliminate online gambling.

Prime Minister Hun Sen announced a ban on the industry in 2019, however, online gambling firms are still flourishing in the country.

Sharon Singleton
Sharon Singletonhttps://agbrief.com/about-asia-gaming-brief/
Sharon Singleton is a multi-media reporter with experience ranging from website management to reporting and editing for newspapers, news agencies and television. As Managing Editor she's been working with Asia Gaming Brief since 2013 and her specialties are: Business, current affairs, fluent in Italian, French, with working knowledge of Spanish.