Hong Kong is conducting a multi-pronged customs, shipping and financial sector crackdown against so-called fake trade invoicing that allows billions of dollars of capital to leave China illegally.
Hong Kong’s central bank said it has beefed up its scrutiny of banks’ trade financing operations, while customs officials are doing more random checks on shipments crossing border posts and conducting raids on warehouses to ensure the authenticity of goods, senior officials working in shipping, logistics and banking said.
The head of a logistics company said surprise customs inspections at Hong Kong border posts had doubled.
The sources declined to be identified given the sensitivity of the issues.
They said the increased efforts began this year and reflected concerns about billions of dollars in illicit cash authorities suspect are being channelled through Hong Kong following a stock market crash in China last year. Read More