Hong Kong tackles illegal money flow from mainland

Hong Kong is conducting a multipronged customs, shipping and financial sector crackdown against so-called fake trade invoicing that allows billions of dollars of capital to leave mainland China illegally. The South China Morning Post reported that the Hong Kong Monetary Authority 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 raiding 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.