Chinese authorities have flagged eight "classical" financial-related criminal prosecutions on the mainland, with up to 2.3 billion yuan (currently $325.6 million) being exchanged in Macau, including Hong Kong dollars. 실시간 바카라사이트

The incident is suspected to have been misused to evade cross-border currency exchange limits within Macau\'s Point-of-Sale (POS) terminal.

The information is presented in a press release jointly released by China\'s National Foreign Exchange Administration and the country\'s Supreme People\'s Prosecutor\'s Office.

The disclosure, sent to all mainland prosecutors\' offices and regulators dealing with foreign exchange, was described as a "reference" for law enforcement work to maintain the "order" of China\'s foreign exchange market and protect China\'s "financial security."

The defendants in the POS case were sentenced in 2022 after being found guilty of "illegal business" under the provisions of the Chinese criminal law.

The POS case pertains to a 20-strong "criminal group" of people using terminals that appear to be banned or flagged as questionable from trading on the mainland instead of Macau, where transactions are actually taking place.

The scam reportedly ran from February 2016 to January 2019, enabling currency transactions worth a total of 2.3 billion yuan. The group had Hong Kong dollars stored in the accounts of "Macao casinos" to facilitate money transactions.

The group charged customers a "5% service fee" per value of each exchange transaction, authorities said. The Hong Kong dollar could be exchanged back into the Chinese yuan, or its value could be transferred to the user\'s mainland bank account.

The indictment in the case helped Macau police seize POS terminals used by the group, the data noted.

On May 23, 2022, a Beijing court handed down a sentence for the crime. The heaviest punishment went to Xu, known as the group\'s founder, through 10 years in prison and a fine of 1.5 million yuan. The remaining defendants were jailed and fined, with the second heaviest punishment being seven and a half years in prison and a fine of 1 million yuan.

The second of eight "classical" financial-related criminal prosecutions by Chinese authorities on the mainland involved 15.14 million yuan in illegal transactions between November 2020 and June 2021, respectively, led by two people named "Lee" and "Yu." They allegedly targeted "casinos and hotels in Macau" customers for unauthorized exchange.

Members of the group have opened more than 10 bank accounts in Shenyang, Liaoning Province, northeast of China, receiving funds for currency exchange and transferring money, the report noted.