Recently, the State Administration of Foreign Exchange of China notified 17 typical foreign exchange violation cases, including 5 banking cases, 6 corporate cases, and 6 individual cases, with a total fine of more than 84 million yuan. Among them, six individual cases of receiving "penalty" from the foreign exchange bureau mainly involved illegal trading of foreign exchange, private trading of foreign exchange and splitting of foreign exchange, and the punishment was no less than that of the institution. The amount of fines was 2,843,140 yuan. In addition, the penalty information is included in the credit reporting system of the People's Bank of China. Let's take a look at a few cases. Most of these cases are illegal trading of foreign exchange through underground banks. The largest amount of punishment, the amount involved is as high as 312 million yuan.
01. Zhejiang Hongmou privately bought and sold foreign exchange case
From February 2011 to October 2015, Hongmou paid 312 million yuan to other people's accounts, and purchased foreign exchange privately for the purchase of real estate outside the country.
This act violates Article 30 of the Measures for the Administration of Personal Foreign Exchange and constitutes a private sale of foreign exchange. According to Article 45 of the Regulations on Foreign Exchange Control, a fine of 24.97 million yuan was imposed. It implements a "list of attention" management and is included in the credit reporting system of the People's Bank of China.
02. Case of illegal Trading of Foreign Exchange by Cao, a member of Hubei nationality
From July 2015 to March 2016, Cao illegally traded 34 Hong Kong dollars through underground money houses, amounting to a total of 8,993,200 yuan.
This act violates Article 30 of the Measures for the Administration of Personal Foreign Exchange and constitutes an illegal trade in foreign exchange. According to Article 45 of the Regulations on Foreign Exchange Control, a fine of 719,500 yuan was imposed. It implements a "list of attention" management and is included in the credit reporting system of the People's Bank of China.
03. Case of illegal Trading of Foreign Exchange by Cao, a member of Hubei nationality
From September to December 2015, Pengmou purchased 16 US dollars from the underground bank to remit overseas, totaling 13.83.58 million yuan.
This act violates Article 30 of the Measures for the Administration of Personal Foreign Exchange and constitutes an illegal trade in foreign exchange. According to Article 45 of the Regulations on Foreign Exchange Control, a fine of 968,500 yuan was imposed. It implements a "list of attention" management and is included in the credit reporting system of the People's Bank of China.
04. The case of Sun Mou, a member of Guangdong Province, breaking up and evading foreign exchange
From January 2016 to July 2017, Sun used the annual foreign exchange purchase quota of 34 domestic individuals to remit personal funds to overseas accounts after breaking up and purchasing foreign exchange. The total amount of funds illegally transferred was US $2.4462 million for overseas investment, and so on.
This act violates Article 7 of the Measures for the Administration of Individual Foreign Exchange and constitutes a evasion action. According to Article 39 of the Foreign Exchange Control Regulations, a fine of 830,000 yuan was imposed. It implements a "list of attention" management and is included in the credit reporting system of the People's Bank of China.
The above case can be said to be shocking. Over the years, the wallets of Chinese people have been increasingly bulging, and the flow of funds with foreign countries has gradually increased. Some people have also made up their minds and want to fish in troubled waters. But the "related departments" are not vegetarian. In order to strengthen the monitoring of the foreign exchange market, the State Administration of Foreign Exchange upgraded scientific and technological means, and through the establishment of multiple monitoring systems, dynamically grasped the flow of funds in the foreign exchange market, and those who violated the rules will be severely punished.
There are many opportunities for overseas Chinese to contact foreign exchange business. In some cases, overseas Chinese have no intention of violating laws and regulations. However, they may inadvertently touch the red line because they are not familiar with the relevant policies.
Xiaowei also reminds the vast number of overseas Chinese to study the relevant laws and regulations of the state's foreign exchange management before starting foreign exchange business. It is necessary to exchange foreign exchange through formal and legal channels. Do not make mistakes because of ignorance, and even do not knowingly commit crimes. (Source: China Overseas Chinese Network)