OCTOBER 12, 2016
Police in China’s southern province of Guangdong have busted underground banks that handled 230 billion yuan ($35 billion) in illegal money transfers this year, state news agency Xinhua reported, underscoring the challenges Beijing faces in blocking illicit outflows.
Illegal banking has been rampant in some parts of the province such as the capital Shenzhen, where an underground bank that handled 30 billion yuan in transactions was busted in August.