China News Service, December 3 According to the website of the State Administration of Foreign Exchange, the State Administration of Foreign Exchange notified 10 cases of illegal trading of foreign exchange for cross-border gambling on the 3rd.
In accordance with the Anti-Money Laundering Law of the People’s Republic of China (Order No. 56 of the President of the People’s Republic of China) and the “Regulations of the People’s Republic of China on Foreign Exchange Administration” (Order No. 532 of the State Council of the People’s Republic of China), the State Administration of Foreign Exchange has strengthened the supervision of the foreign exchange market. Severely crack down on the illegal buying and selling of funds involved in cross-border gambling, and maintain a healthy and healthy foreign exchange market.
According to the "Regulations of the People's Republic of China on Disclosure of Government Information" (Order No. 711 of the State Council of the People's Republic of China) and other relevant regulations, some typical cases of violations are reported as follows:
Case 1: The case of illegal foreign exchange trading by Mr. Wang from Fujian
From July 2017 to March 2018, Wang illegally bought and sold 4 foreign exchange transactions, equivalent to US$269,000, through underground banks, which were used for overseas gambling activities.
This behavior violated Article 30 of the "Measures for the Administration of Personal Foreign Exchange," and constituted an illegal sale and purchase of foreign exchange.
In accordance with Article 45 of the Regulations on Foreign Exchange Administration, a fine of RMB 209,000 was imposed.
Punishment information is incorporated into the credit investigation system of the People's Bank of China.
Case 2: Case of Wu Mou from Guangdong who illegally bought and sold foreign exchange
From February 2018 to January 2019, Mr. Wu used the POS machine of a domestic merchant who illegally moved abroad to use his card to illegally buy and sell 11 foreign exchange transactions, equivalent to 348,000 U.S. dollars, for overseas gambling activities.
This behavior violated Article 30 of the "Measures for the Administration of Personal Foreign Exchange," and constituted an illegal sale and purchase of foreign exchange.
In accordance with Article 45 of the Regulations on Foreign Exchange Administration, a fine of RMB 343,000 was imposed.
Punishment information is incorporated into the credit investigation system of the People's Bank of China.
Case 3: The case of a Guangdong native Lin Mou illegally buying and selling foreign exchange
In March 2018, Lin Mou illegally bought and sold 9 foreign exchange transactions through an underground bank, equivalent to 235,000 US dollars, for overseas gambling activities.
This behavior violated Article 30 of the "Measures for the Administration of Personal Foreign Exchange," and constituted an illegal sale and purchase of foreign exchange.
In accordance with Article 45 of the Regulations on Foreign Exchange Administration, a fine of RMB 183,000 was imposed.
Punishment information is incorporated into the credit investigation system of the People's Bank of China.
Case 4: Illegal purchase and sale of foreign exchange by Zhang from Liaoning
From November 2018 to February 2019, Zhang illegally bought and sold 7 foreign exchange transactions (equivalent to US$309,000) through underground banks for overseas gambling activities.
This behavior violated Article 30 of the "Measures for the Administration of Personal Foreign Exchange," and constituted an illegal sale and purchase of foreign exchange.
In accordance with Article 45 of the Regulations on Foreign Exchange Administration, a fine of RMB 210,000 was imposed.
Punishment information is incorporated into the credit investigation system of the People's Bank of China.
Case 5: Case of He Mou illegally buying and selling foreign exchange from Zhejiang
From November 2018 to July 2019, He Mou illegally bought and sold 22 foreign exchange transactions (equivalent to US$592,000) through underground banks for overseas gambling activities.
This behavior violated Article 30 of the "Measures for the Administration of Personal Foreign Exchange," and constituted an illegal sale and purchase of foreign exchange.
In accordance with Article 45 of the Regulations on Foreign Exchange Administration, a fine of RMB 407,000 was imposed.
Punishment information is incorporated into the credit investigation system of the People's Bank of China.
Case 6: Illegal purchase and sale of foreign exchange by Zhang from Hebei
From January to June 2019, Mr. Zhang swiped his card through a domestic merchant's POS machine illegally moved overseas, illegally bought and sold 7 foreign exchange transactions, equivalent to 345,000 U.S. dollars, for overseas gambling activities.
This behavior violated Article 30 of the "Measures for the Administration of Personal Foreign Exchange," and constituted an illegal sale and purchase of foreign exchange.
In accordance with Article 45 of the Regulations on Foreign Exchange Administration, a fine of RMB 355,000 was imposed.
Punishment information is incorporated into the credit investigation system of the People's Bank of China.
Case 7: Illegal purchase and sale of foreign exchange by Li from Jiangsu
From February to October 2019, Li used the underground bank to illegally buy and sell 6 foreign exchange transactions, equivalent to 440,000 U.S. dollars, for overseas gambling activities.
This behavior violated Article 30 of the "Measures for the Administration of Personal Foreign Exchange," and constituted an illegal sale and purchase of foreign exchange.
In accordance with Article 45 of the Regulations on Foreign Exchange Administration, a fine of RMB 311,000 was imposed.
Punishment information is incorporated into the credit investigation system of the People's Bank of China.
Case 8: Illegal purchase and sale of foreign exchange by Liu from Jiangsu
In March 2019, Liu illegally bought and sold 4 foreign exchange transactions, equivalent to US$299,000, through an underground bank, which was used for overseas gambling activities.
This behavior violated Article 30 of the "Measures for the Administration of Personal Foreign Exchange," and constituted an illegal sale and purchase of foreign exchange.
In accordance with Article 45 of the Regulations on Foreign Exchange Administration, a fine of RMB 200,000 was imposed.
Punishment information is incorporated into the credit investigation system of the People's Bank of China.
Case 9: Illegal purchase and sale of foreign exchange by Chen from Fujian
From March to April 2019, Chen Mou illegally bought and sold 9 foreign exchange transactions equivalent to US$250,000 through underground banks for overseas gambling activities.
This behavior violated Article 30 of the "Measures for the Administration of Personal Foreign Exchange," and constituted an illegal sale and purchase of foreign exchange.
In accordance with Article 45 of the Regulations on Foreign Exchange Administration, a fine of RMB 168,000 was imposed.
Punishment information is incorporated into the credit investigation system of the People's Bank of China.
Case 10: Illegal purchase and sale of foreign exchange by Liao from Hubei
From May to June 2019, Mr. Liao used his card through the POS machine of a domestic merchant who illegally moved the machine overseas, and illegally bought and sold 4 foreign exchange transactions, equivalent to 234,000 U.S. dollars, for overseas gambling activities.
This behavior violated Article 30 of the "Measures for the Administration of Personal Foreign Exchange," and constituted an illegal sale and purchase of foreign exchange.
In accordance with Article 45 of the Regulations on Foreign Exchange Administration, a fine of RMB 282,000 was imposed.
Punishment information is incorporated into the credit investigation system of the People's Bank of China.