Sino-U.S. Joint Crackdown: Uncovering Illegal Foreign Exchange Activities

Chinese police, with information from the U.S., are investigating illegal foreign exchange and money laundering operations tied to a car dealership run by a man surnamed Tong. This case, hailed as a successful example of Sino-U.S. anti-drug cooperation, is under further investigation, signaling renewed collaboration in law enforcement.

Chinese police are investigating a case of illegal foreign exchange activity and money laundering after tip-offs from the U.S., state media said on Wednesday, as the two countries work closer to root out cross-border crimes. Based on clues from the U.S. on drugs and money laundering, an investigation by the Liaoning branch of the public security department found that since 2017 a man surnamed Tong started a car dealership in the U.S. to sell vehicles and offer Chinese yuan and U.S. dollar exchange services for car-buying customers, Chinese state media reported.

The operation later evolved into criminal activities including the illegal trading of foreign exchange, CCTV and Xinhua news outlets said, citing the public security department, adding that others were involved. The suspect was arrested and the case is under further investigation, state media said. China's public security department said the case is a successful example of Sino-U.S. anti-drug cooperation.

At the start of 2024, the United States and China re-started talks around counter-narcotics and law enforcement cooperation. Earlier this month, China's Minister of Public Security Wang Xiaohong held a video call with U.S. Homeland Security Secretary Alejandro Mayorkas, agreeing to maintain communication and deepen cooperation in drug control and combating trans-national crime.

Rahul Gupta, director of the White House Office of National Drug Control Policy, last week met Xie Feng, China's ambassador to the U.S., before departing for a China visit, said the Chinese embassy.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)