Tag Archive: Money Laundering

Africa- How Bitcoin Is Reducing The Need For Trade financing

Bitcoin -The title of this blog post was  inspired by an article I came across on Global Trade Review (GTR). Elizabeth Rossiello, founder and CEO of BitPesa, tells how the idea of forming the company was born.  BitPesa is solving a number of business problems using digital currency, especially those involving foreign currency issues.  So how does Bitcoin really work?

FinTech– Though ‘Africa and Asia have become hotbeds of payment innovation’, European FinTech entrepreneurs too have a chance to succeed despite the challenges of limited opportunities. How can companies thrive?

Money laundering and the financing of terrorism– An interesting article on the International Monetary Fund (IMF), highlights the importance of fighting corrupt officials, tax fraud, and  most importantly those who engage in financing terrorism. How? Although this includes working with various governments across the globe and working with correspondent banking services, governments too, need to “increasingly harness the power of financial technology. While fintech can be misused—including through the anonymity of virtual currencies—it can also be a powerful tool to strengthen our defenses against terrorist financing.” (Read on)

Mobile Money an innovative solution for “cross-border money remittance service”- Quartz Africa highlights examples about how mobile money is playing a huge role in business transactions, and why the Telekom Industries have no choice but to “capitalize on innovation and the scalable nature of mobile money” (Read on)

China Cracked down $64 Billion ‘Underground Banking’ Money Laundering Activities And Illegal Transfers


Currently, china is boosting efforts to fight corruption and to curb capital out flow. From the news, Chinese officials are said to have cracked down the country’s biggest-ever underground bank which handled illegal foreign exchange transactions worth 410 billion yuan ($64 billion) –report  by People’s Daily

According to Bloomberg, so far more than 370 people have been arrested and other are facing lawsuits and criminal charges. The Chinese authorities started the operation of raiding underground banks in April. Since then, over 170 cases underground banking and money laundering activities and illegal transfers  totaling more than 800 billion yuan ($125.34 billion) have been uncovered. So far . Police have shut down 37 banks. More than 300o bank accounts a´have been frozen. (Source-RT)

The Genesis?  The case was traced to one leader of the Zhejiang network was a man named Zhao Mouyi, who transferred over 100 billion yuan overseas using 850 different bank accounts and a dozen Hong Kong front companies. It is reported that police took nearly a year to sort through over 1.3 million suspicious transactions. (Source-Star Tribune)

Apparently, the Chinese citizens are officially limited to converting $50,000 of yuan per year! So how do the Chinese send billions abroad  for activities such as buying homes? Get the details on China’s Money Exodus here