$2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL
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$2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL
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Re: $2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL
#2Interesting point on the Vancouver angle:
Q: In Canada, where does the money end up and why?
A: Vancouver is the preferred destination, by far, because of perceived
more relaxed anti-money laundering on-boarding compliance and more
importantly, easier access to better schools and lifestyle for children
of Chinese foreign nationals.Re: $2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL
#3What's wrong with keeping the proceeds in China?
Re: $2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL
#4What's wrong with keeping the proceeds in China?
From the article:
China also has something called “grey” income, which means income
earned (or acquired off the books) in China that is not reported
on income taxes and that is held by its richest families.
Re: $2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL
#5Interesting point on the Vancouver angle: Q: In Canada, where does the money end up and why? A: Vancouver is the preferred destination, by far, because of perceived more relaxed anti-money laundering on-boarding compliance and more importantly, easier access to better schools and lifestyle for children of Chinese foreign nationals.
What's the source of their Vancouver assertion?
Re: $2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL
#6What's wrong with keeping the proceeds in China?
Same problem with keeping money in Russia--political and financial capital are one and the same. Consider Khodorkovsky [1].
Re: $2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL
#7What's wrong with keeping the proceeds in China?
From the article: China also has something called “grey” income, which means income earned (or acquired off the books) in China that is not reported on income taxes and that is held by its richest families. If the money can be laundered by buying a house overseas, grey becomes green!
How is it "held"? I've seen reports of raids where they find houses stuffed full of cash, but how do you get $2T in cash to Canada? At some point this is getting converted to electronic funds and that is where the "laundering" is happening.
As to why they are buying hard assets in Anglo-sphere, possibly because they are worried that the said Anglos may pull the plug on the fiat currency in a Great Reset at some point in the near future. I guess the silver lining here is that the Chinese corrupt set are bullish on the continuity of rule of law over here.
Re: $2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL
#8Wonder how this correlates with the current growth of the US economy, and maybe more relevantly, how the top 1% seems to be increasing its wealth much faster than the rest.
Re: $2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL
#9What's wrong with keeping the proceeds in China?
Holding the proceeds of theft from a government in the government's currency is like lending the loot from a mugging back to the victim. The PRC can't freeze funds held in US dollars.
Re: $2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL
#10Earlier quoted context omitted.
From the article: China also has something called “grey” income, which means income earned (or acquired off the books) in China that is not reported on income taxes and that is held by its richest families. If the money can be laundered by buying a house overseas, grey becomes green!
How is it "held"? I've seen reports of raids where they find houses stuffed full of cash, but how do you get $2T in cash to Canada? At some point this is getting converted to electronic funds and that is where the "laundering" is happening. As to why they are buying hard assets in Anglo-sphere, possibly because they are worried that the said Anglos may pull the plug on the fiat currency in a Great Reset at some point…
HSBC is complicit in laundering the money. They have been fined to that effect, but I doubt it's curtailed their activities much.
I'm sure many other banks do the same.