China levies substantial fines in its fight against cross-border gambling
In China and the State Administration of Foreign Exchange regulator has reportedly announced that it has levied fines totalling almost $900,000 against ten individuals who were found to have engaged in illegal financial transactions so as to fund overseas gambling activities.
According to a report from Inside Asian Gaming, the government agency levied the stiff penalties after the accused were adjudged to have utilized underground banks or other illegal sources in order to transfer cash that was subsequently gambled at overseas casinos. The source detailed that these highlighted infractions took place between April of 2017 and January of last year with the fines being the latest in a series of measures taken by Beijing as it looks to increase regulatory oversight and crack down on…
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