Industry sources yesterday told the South China Morning Post that the State council-controlled China Citic Bank has been facilitating the movement of currency overseas, including to Hong Kong, just one day after the country’s State broadcaster made the same accusations against the Bank of China (BoC).
When asked about the Citic money laundering, a Hong Kong Monetary Authority spokesperson reportedly said: “The mainland authorities and banks should be responsible for verifying whether the transactions undertaken are in compliance with the relevant rules and requirements on the mainland.”
The accusations against BoC come after CCTV, a leading Chinese television station, aired footage on Wednesday which appeared to show an employee of a BoC branch in Guangdong coaching an undercover journalist on how to channel large sums of money overseas.
Legally, Chinese citizens are only allowed to take the equivalent of US$50,000 out of the country each year.
CCTV accused the bank of “blatantly offering money laundering services” and fabricating information through its money transfer platform Youhuitong.
The bank said the station’s report “deviated from the facts” and had a “biased understanding” of Youhuitong.
The bank’s governor Zhou Xiaochuan said the central bank would need more time to investigate the situation.
Shares in BoC have fallen 3.6% in Hong Kong since the broadcast.
