Canadian academic notes Macau, Hong Kong money laundering role

A Canadian-based academic says global money laundering between 2002 and 2011 among the 20 emerging economies was $5.9 trillion, led by China, with casinos in Macau and ‘compliant banks’ in Hong Kong taking a key role in the money transfers.
Diane Francis, a professor at Toronto’s Ryerson University’s Ted Rogers School of Management, said between 2002 and 2011, $1.08 trillion was transferred out of China illegally, despite currency-control laws that call on people to obtain a permit to exchange over $50,000 a year worth of yuan into any foreign currency.
Over the same period, by comparison some $880.96 billion was transferred out of Russia, $461.86 billion from Mexico, $370.38 billion left Malaysia, $343.93 billion left India, $266.43 billion left Saudi Arabia, and $192.69 billion left Brazil.
Macau and Hong Kong are Special Administrative Regions of the People’s Republic of China. Francis said the main role has been to enable the laundering of cash.