Female scandal macao


24-Nov-2019 16:39

Tam Chi Keong, an assistant professor at the Macau University of Science and Technology, puts the total at HK

Tam Chi Keong, an assistant professor at the Macau University of Science and Technology, puts the total at HK$1.57 trillion ($202 billion) a year through various channels..Tam says his estimate is based on his analysis of Macau’s finances and interviews with gambling industry participants.The practice violates China’s anti-money-laundering regulations as well as restrictions on currency exports, according to Chinese central bank documents reviewed by Reuters.Chinese authorities also fear the Union Pay conduit is being used by corrupt officials and business people to send money out of the country.Union Pay’s increasing use overseas is part of Beijing’s multi-pronged strategy to eventually open up China’s capital account and internationalize the yuan, which is formally known as the renminbi or yuan.Beijing also eased restrictions on many kinds of capital transfers as it gradually loosens up control over the currency, making it easier for money to leave China’s borders. The renminbi has already overtaken the euro to become the second-most used currency in trade finance, according to data from global transaction services organization SWIFT.It’s unclear why the central bank, the Peoples Bank of China (PBOC), hasn’t cracked down harder on the practice, although the documents Reuters reviewed show the bank was aware it had become a growing problem.Industry experts point to a weak enforcement culture in China, a reluctance to hurt Macau financially with 80 percent of the city’s revenues drawn from gambling, and a willingness to tolerate some capital flight - especially if it can be tracked through names on bank cards.

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Tam Chi Keong, an assistant professor at the Macau University of Science and Technology, puts the total at HK$1.57 trillion ($202 billion) a year through various channels..

Tam says his estimate is based on his analysis of Macau’s finances and interviews with gambling industry participants.

The practice violates China’s anti-money-laundering regulations as well as restrictions on currency exports, according to Chinese central bank documents reviewed by Reuters.

.57 trillion (2 billion) a year through various channels..Tam says his estimate is based on his analysis of Macau’s finances and interviews with gambling industry participants.The practice violates China’s anti-money-laundering regulations as well as restrictions on currency exports, according to Chinese central bank documents reviewed by Reuters.Chinese authorities also fear the Union Pay conduit is being used by corrupt officials and business people to send money out of the country.Union Pay’s increasing use overseas is part of Beijing’s multi-pronged strategy to eventually open up China’s capital account and internationalize the yuan, which is formally known as the renminbi or yuan.Beijing also eased restrictions on many kinds of capital transfers as it gradually loosens up control over the currency, making it easier for money to leave China’s borders. The renminbi has already overtaken the euro to become the second-most used currency in trade finance, according to data from global transaction services organization SWIFT.It’s unclear why the central bank, the Peoples Bank of China (PBOC), hasn’t cracked down harder on the practice, although the documents Reuters reviewed show the bank was aware it had become a growing problem.Industry experts point to a weak enforcement culture in China, a reluctance to hurt Macau financially with 80 percent of the city’s revenues drawn from gambling, and a willingness to tolerate some capital flight - especially if it can be tracked through names on bank cards.

Female scandal macao-6

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“We have continuously taken measures.” Though relatively unknown in the West, Union Pay has quietly grown to become one of the biggest card brands and payment networks in the world, accepted in 142 countries.

If Union Pay poses a problem for Chinese authorities, it is a problem of their own making.



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