China will investigate the Bank of China for providing money laundering services to wealthy nationals for off-shore investments in foreign real estate, reports Breitbart.
The crackdown comes after an undercover 20 minute segment of a bank executive revealing incriminating details was aired by state-owned, China Central Television. The BOC would purportedly“disguise the origin of clients’ money and help them send funds overseas for investment immigration,” according to Breitbart.
Thailand real estate law firm, Chaninat & Leeds, specializes in real estate law with decades of experience assisting foreign nationals in Thailand.
A report from the National Association of Realtors shows that cash purchases from Chinese real estate buyers of off-shore properties have nearly doubled over the past year, and Chinese buyers make up almostone-quarter of all foreign residential purchases in the U.S.
Read the full story here.
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