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Chinese Underground Banking and 'Daigou'
Chinese Underground Banking and ‘Daigou’ October 2019 NAC/NECC v1.0 Purpose This document has been compiled by the National Crime Agency’s National Assessment Centre from the latest information available to the NCA regarding the abuse of Chinese Underground Banking and ‘Daigou’ for money laundering purposes. It has been produced to provide supporting information for the application by financial investigators from any force or agency for Account Freezing Orders and other orders and warrants under the Proceeds of Crime Act 2002. It can also be used for any other related purpose. This document is not protectively marked. Executive Summary • The transfer of funds for personal purposes out of China by Chinese citizens is tightly regulated by the Chinese government, and in all but exceptional circumstances is limited to the equivalent of USD 50,000 per year. All such transactions, without exception, are required to be carried out through a foreign exchange account opened with a Chinese bank for the purpose. The regulations nevertheless provide an accessible, legitimate and auditable mechanism for Chinese citizens to transfer funds overseas. • Chinese citizens who, for their own reasons, choose not to use the legitimate route stipulated by the Chinese government for such transactions, frequently use a form of Informal Value Transfer System (IVTS) known as ‘Underground Banking’ to carry them out instead. Evidence suggests that this practice is widespread amongst the Chinese diaspora in the UK. • Evidence from successful money laundering prosecutions in the UK has shown that Chinese Underground Banking is abused for the purposes of laundering money derived from criminal offences, by utilising cash generated from crime in the UK to settle separate and unconnected inward Underground Banking remittances to Chinese citizens in the UK. -
Lu Zhiqiang China Oceanwide
08 Investment.FIN.qxp_Layout 1 14/9/16 12:21 pm Page 81 Week in China China’s Tycoons Investment Lu Zhiqiang China Oceanwide Oceanwide Holdings, its Shenzhen-listed property unit, had a total asset value of Rmb118 billion in 2015. Hurun’s China Rich List He is the key ranked Lu as China’s 8th richest man in 2015 investor behind with a net worth of Rmb83 billlion. Minsheng Bank and Legend Guanxi Holdings A long-term ally of Liu Chuanzhi, who is known as the ‘godfather of Chinese entrepreneurs’, Oceanwide acquired a 29% stake in Legend Holdings (the parent firm of Lenovo) in 2009 from the Chinese Academy of Social Sciences for Rmb2.7 billion. The transaction was symbolic as it marked the dismantling of Legend’s SOE status. Lu and Liu also collaborated to establish the exclusive Taishan Club in 1993, an unofficial association of entrepreneurs named after the most famous mountain in Shandong. Born in Shandong province in 1951, Lu In fact, according to NetEase Finance, it was graduated from the elite Shanghai university during the Taishan Club’s inaugural meeting – Fudan. His first job was as a technician with hosted by Lu in Shandong – that the idea of the Shandong Weifang Diesel Engine Factory. setting up a non-SOE bank was hatched and the proposal was thereafter sent to Zhu Getting started Rongji. The result was the establishment of Lu left the state sector to become an China Minsheng Bank in 1996. entrepreneur and set up China Oceanwide. Initially it focused on education and training, Minsheng takeover? but when the government initiated housing Oceanwide was one of the 59 private sector reform in 1988, Lu moved into real estate. -
The Digital Yuan and China's Potential Financial Revolution
JULY 2020 The digital Yuan and China’s potential financial revolution: A primer on Central Bank Digital Currencies (CBDCs) BY STEWART PATERSON RESEARCH FELLOW, HINRICH FOUNDATION Contents FOREWORD 3 INTRODUCTION 4 WHAT IS IT AND WHAT COULD IT BECOME? 5 THE EFFICACY AND SCOPE OF STABILIZATION POLICY 7 CHINA’S FISCAL SYSTEM AND TAXATION 9 CHINA AND CREDIT AND THE BANKING SYSTEM 11 SEIGNIORAGE 12 INTERNATIONAL AND TRADE RAMIFICATIONS 13 CONCLUSIONS 16 RESEARCHER BIO: STEWART PATERSON 17 THE DIGITAL YUAN AND CHINA’S POTENTIAL FINANCIAL REVOLUTION Copyright © Hinrich Foundation. All Rights Reserved. 2 Foreword China is leading the way among major economies in trialing a Central Bank Digital Currency (CBDC). Given China’s technological ability and the speed of adoption of new payment methods by Chinese consumers, we should not be surprised if the CBDC takes off in a major way, displacing physical cash in the economy over the next few years. The power that this gives to the state is enormous, both in terms of law enforcement, and potentially, in improving economic management through avenues such as surveillance of the shadow banking system, fiscal tax raising power, and more efficient pass through of monetary policy. A CBDC has the potential to transform the efficacy of state involvement in economic management and widens the scope of potential state economic action. This paper explains how a CBDC could operate domestically; specifically, the impact it could have on the Chinese economy and society. It also looks at the possible international implications for trade and geopolitics. THE DIGITAL YUAN AND CHINA’S POTENTIAL FINANCIAL REVOLUTION Copyright © Hinrich Foundation. -
A Chinese Opinion on Leprosy, Being a Tpanslation of A
A CHINESE OPINION ON LEPROSY, BEINGA TPANSLATIONOF A CHAPTERFROM THE MEDICALSTANDARD-WORK Imperial edition of the Golden Mirror for the medical class1) BY B. A. J. VAN WETTUM. ' LEPROSY. Leprosy always takes its origin from pestilential miasms. Its causes are three in number, and five injurious forms are distinguished. Also five forms with mortification of some part, which make it a most loathsome disease. By self-restraint in the first stage of his illness, the patient may perhaps preserve his COMMENTARY. The ancient name of this disease was - (pestilential "wind") This", JI, means "wind with poison in it". 1) First chapter of the 87tb volume. It was published in the 7th year of the reign of K'ien-Lung,A.D. 1742. According to Wylie, it is one of the best works of moderntimes for general medicalinformation. (A Wylie, Notes on Chineseliterature, pag. 82). It bas a 2) The. above forms the text of the essay. the shape of $ (rhyme) and consistsof four lines each of seven words. In the arrangementof these, not much care is taken with to and regard 2fi: fà (rhytm) flfi (rhyme). 3) The true meaningof the character as occurringin the present essay,is not 257 The Canon 4) says: "this If. means that the blood and the vital ' ' fluid are hot and spoiled". The vital fluid is no longer pure. That is the reason why the nosebone gets injured, the color of the face destroyed and the skin is covered with boils and sores. A poisonous wind has stationed itself in the veins and does not go away. -
Making the Palace Machine Work Palace Machine the Making
11 ASIAN HISTORY Siebert, (eds) & Ko Chen Making the Machine Palace Work Edited by Martina Siebert, Kai Jun Chen, and Dorothy Ko Making the Palace Machine Work Mobilizing People, Objects, and Nature in the Qing Empire Making the Palace Machine Work Asian History The aim of the series is to offer a forum for writers of monographs and occasionally anthologies on Asian history. The series focuses on cultural and historical studies of politics and intellectual ideas and crosscuts the disciplines of history, political science, sociology and cultural studies. Series Editor Hans Hågerdal, Linnaeus University, Sweden Editorial Board Roger Greatrex, Lund University David Henley, Leiden University Ariel Lopez, University of the Philippines Angela Schottenhammer, University of Salzburg Deborah Sutton, Lancaster University Making the Palace Machine Work Mobilizing People, Objects, and Nature in the Qing Empire Edited by Martina Siebert, Kai Jun Chen, and Dorothy Ko Amsterdam University Press Cover illustration: Artful adaptation of a section of the 1750 Complete Map of Beijing of the Qianlong Era (Qianlong Beijing quantu 乾隆北京全圖) showing the Imperial Household Department by Martina Siebert based on the digital copy from the Digital Silk Road project (http://dsr.nii.ac.jp/toyobunko/II-11-D-802, vol. 8, leaf 7) Cover design: Coördesign, Leiden Lay-out: Crius Group, Hulshout isbn 978 94 6372 035 9 e-isbn 978 90 4855 322 8 (pdf) doi 10.5117/9789463720359 nur 692 Creative Commons License CC BY NC ND (http://creativecommons.org/licenses/by-nc-nd/3.0) The authors / Amsterdam University Press B.V., Amsterdam 2021 Some rights reserved. Without limiting the rights under copyright reserved above, any part of this book may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise). -
Arresting Flows, Minting Coins, and Exerting Authority in Early Twentieth-Century Kham
Victorianizing Guangxu: Arresting Flows, Minting Coins, and Exerting Authority in Early Twentieth-Century Kham Scott Relyea, Appalachian State University Abstract In the late Qing and early Republican eras, eastern Tibet (Kham) was a borderland on the cusp of political and economic change. Straddling Sichuan Province and central Tibet, it was coveted by both Chengdu and Lhasa. Informed by an absolutist conception of territorial sovereignty, Sichuan officials sought to exert exclusive authority in Kham by severing its inhabitants from regional and local influence. The resulting efforts to arrest the flow of rupees from British India and the flow of cultural identity entwined with Buddhism from Lhasa were grounded in two misperceptions: that Khampa opposition to Chinese rule was external, fostered solely by local monasteries as conduits of Lhasa’s spiritual authority, and that Sichuan could arrest such influence, the absence of which would legitimize both exclusive authority in Kham and regional assertions of sovereignty. The intersection of these misperceptions with the significance of Buddhism in Khampa identity determined the success of Sichuan’s policies and the focus of this article, the minting and circulation of the first and only Qing coin emblazoned with an image of the emperor. It was a flawed axiom of state and nation builders throughout the world that severing local cultural or spiritual influence was possible—or even necessary—to effect a borderland’s incorporation. Keywords: Sichuan, southwest China, Tibet, currency, Indian rupee, territorial sovereignty, Qing borderlands On December 24, 1904, after an arduous fourteen-week journey along the southern road linking Chengdu with Lhasa, recently appointed assistant amban (Imperial Resident) to Tibet Fengquan reached Batang, a lush green valley at the western edge of Sichuan on the province’s border with central Tibet. -
The Wonderful World of Trade Dollars
The Wonderful World of Trade Dollars Lecture Set #34 Project of the Verdugo Hills Coin Club Photographed by John Cork & Raymond Reingohl Introduction Trade Dollars in this presentation are grouped into 3 categories • True Trade Dollars • It was intended to circulate in remote areas from its minting source • Accepted Trade Dollars • Trade dollar’s value was highly accepted for trading purposes in distant lands • Examples are the Spanish & Mexican 8 Reales and the Maria Theresa Thaler • Controversial Trade Dollars • A generally accepted dollar but mainly minted to circulate in a nation’s colonies • Examples are the Piastre de Commerce and Neu Guinea 5 Marks This is the Schlick Guldengroschen, commonly known as the Joachimstaler because of the large silver deposits found in Bohemia; now in the Czech Republic. The reverse of the prior two coins. Elizabeth I authorized this Crown This British piece created to be used by the East India Company is nicknamed the “Porticullis Crown” because of the iron grating which protected castles from unauthorized entry. Obverse and Reverse of a Low Countries (Netherlands) silver Patagon, also called an “Albertus Taler.” Crown of the United Amsterdam Company 8 reales issued in 1601 to facilitate trade between the Dutch and the rest of Europe. Crown of the United Company of Zeeland, minted at Middleburg in 1602, similar in size to the 8 reales. This Crown is rare and counterfeits have been discovered to deceive the unwary. The Dutch Leeuwendaalder was minted for nearly a century and began as the common trade coin from a combination of all the Dutch companies which fought each other as well as other European powers. -
China Cablecom Holdings Ltd., Securities Exchange Act Rei
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION ADMINISTRATIVE PROCEEDING File.No. 3-15453 In the Matter of China Cablecom Holdings, Ltd., Respondent. DIVISION OF ENFORCEMENT'S MOTION FOR SUMMARY DISPOSITION AND BRIEF IN SUPPORT Alfred Day (202) 551-4702 DavidS. Frye (202) 551-4728 Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549-6010 COUNSEL FOR DIVISION OF ENFORCEMENT TABLE OF CONTENTS Page Table of Authorities ...................................................................................................... ii Motion for Summary Disposition .................................................................................. 1 Brief in Support .............................................................................................................. 1 I. Statement ofFacts ........................................................................................ 1 II. Argument ..................................................................................................... 3 A. Standards Applicable to the Division's Summary Disposition Motion .................................................................... 3 B. The Division is Entitled to Summary Disposition Against CABLF for Violations of Exchange Act Section 13(a) and Rule 13a-1 Thereunder ................................. 5 C. Revocation is the Appropriate Sanction for CABLF's Serial Violations of Exchange Act Section 13(a) and Rule 13a-1 Thereunder .............................................. 6 1. CABLF's violations -
CAST COINAGE of the MING REBELS John E. Sandrock
CAST COINAGE OF THE MING REBELS John E. Sandrock Collecting China's ancient coins can be a very worthwhile and rewarding experience. While at first glance this endeavor may appear overwhelming to the average Westerner, it is in reality not difficult once you master a few guidelines and get the hang of it. Essential to a good foundation of knowledge is a clear understanding of the chronology of dynasties, the evolution of the cash coin from ancient to modern times, the Chinese system of dating, the Nien Hao which identifies the coin to emperor and thus to dynasty, and the various forms of writing (calligraphy) used to form the standard characters. Once this basic framework is mastered, almost all Chinese coins fall into one dynastic category or another, facilitating identification and collection. Some do not, however, which brings us to the subject at hand. The coins of the Ming Rebels defy this pattern, as they fall between two dynasties, overlapping both. Thus they do not fit nicely into one category or another and consequently must be treated separately. To put this into historical perspective it is necessary to know that the Ming dynasty lasted from 1368 to the year 1644 and that its successor, the Ch'ing dynasty, existed from 1644 to its overthrow in 1911. Therefore our focus is on the final days of the Ming and beginning of the Ch'ing dynasties. The Ming era was a period of remarkable accomplishment. This was a period when the arts and craftsmanship flourished. Administration and learning soared to new heights. -
Chinese Postage Stamps by Clifford M
http://e-asia.uoregon.edu CHINESE POSTAGE STAMPS BY CLIFFORD M. DRURY THE CHINA JOURNAL OF SCIENCE & ARTS Vol. III, No. 10 (October, 1925), pp. 530-535 CHINESE POSTAGE STAMPS BY CLIFFORD M. DRURY Those who are desirous of making collections of old Chinese curios and documents of historical interest can afford to turn their attention to Chinese postage stamps. During recent years there has been a great deal of interest displayed in the realm of philately. Among the ardent stamp collectors of today can he found no less a personage than the King of England himself. He is said to have one of the world’s finest collections. The resident in China, and especially the resident in Shanghai, has an unparalleled opportunity to build up a collection of Chinese stamps. In Shanghai there are a dozen or so Chinese and foreign dealers who have more or less complete stocks. The Philatelic Society of Shanghai frequently conducts stamp auctions. In addition to these there are a few public stamp auctions held each year. Sometimes as much as Tls. 15,000.00 worth of stamps are sold at such an auction. There is real sport in the pursuance of this study. The postal system of China goes far back into antiquity. The Chinese Postal Department, of today declares that the first Government posts were established during the Chou dynasty (1122-255 B.C.). Only government messages were then carried. In about the year 1402 A.D. this postal system was extended to include private messages. In recent times the postal system of China came under the control of powerful letter hongs which seem to have given very faithful service. -
November - December 2019 No
Society for Asian Art Newsletter for Members November - December 2019 No. 6 Don’t miss the special exhibition, Chang Dai-chien: Painting from Heart to Hand, which opens on November 26, 2019! Here are some highlights. Left: Landscape of Waterfalls and Overlapping Peaks, 1951, by Chang Dai-chien (Zhang Daqian; Chinese, 1899-1983). Hanging scroll; ink and colors on paper. Asian Art Museum, The Yeh Family Collection, 2007.114. Photograph © Asian Art Museum. Center: The Drunken Dance, 1943, by Chang Dai-chien (Zhang Daqian; Chinese, 1899-1983). Hanging scroll; ink and colors on paper. Los Angeles County Museum of Art, Gift of Murray Smith, M.91.213. Photograph © Museum Associates/LACMA. Right: Splash Waterfall, 1968, by Chang Dai-chien (Zhang Daqian; Chinese, 1899-1983). Framed panel; ink and colors on paper. Lent by Kathy and Paul Yih. Photograph © Asian Art Museum. The Society for Asian Art is a support organization for the IN THIS ISSUE Saturday, November 9 Member Event - Chang Dai-chien: California’s Modernist Master Society for Asian Art November - December 2019, No. 6 Saturday, November 16 Member Event - How the Indian Ocean Spice Trade Made the World Modern Members’ Newsletter Edited by John Nelson Sunday, December 8 and Susan Lai Member Event - Annual Holiday Celebration Published bimonthly by Society for Asian Art Fridays, January 24 – May 8 200 Larkin Street Spring 2020 Arts of Asia Lecture Series San Francisco, CA 94102 Visions of the Afterlife in Asia www.societyforasianart.org (415) 581-3701 Sundays, January 26, February 9, February -
From Chinese Silver Ingots to the Yuan
From Chinese Silver Ingots to the Yuan With the ascent of the Qing Dynasty in 1644, China's modern age began. This epoch brought foreign hegemony in a double sense: On the one hand the Qing emperors were not Chinese, but belonged to the Manchu people. On the other hand western colonial powers began to influence politics and trade in the Chinese Empire more and more. The colonial era brought a disruption of the Chinese currency history that had hitherto shown a remarkable continuity. Soon, the Chinese money supply was dominated by foreign coins. This was a big change in a country that had used simple copper coins only for more than two thousand years. 1 von 11 www.sunflower.ch Chinese Empire, Qing Dynasty, Sycee Zhong-ding (Boat Shape), Value 10 Tael, 19th Century Denomination: Sycee 10 Tael Mint Authority: Qing Dynasty Mint: Undefined Year of Issue: 1800 Weight (g): 374 Diameter (mm): 68.0 Material: Silver Owner: Sunflower Foundation A major characteristic of Chinese currency history is the almost complete absence of precious metals. Copper coins dominated monetary circulation for more than 2000 years. Paper money was invented at an early stage - primarily because the coppers were too unpractical for large transactions. The people's confidence in paper money was limited, however. Hence silver became a common standard of value, primarily in the form of ingots. The use of ingots as means of payment dates back 2000 years. However, because silver ingots were smelted now and again, old specimens are very rare. This silver ingot in the shape of a boat – Yuan Bao in Chinese – dates from the Qing dynasty (1644-1911).