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Despite Crackdown, Chinese Underground Banks Flourish in United Kingdom

By Koos Couvée

In October, the U.K. National Crime Agency, or NCA, obtained court permission to seize £80,000 from two bank accounts controlled by Yuting Zhang, a Chinese national who had received multiple cash deposits from unknown third parties. Zhang, 36, of Bournemouth, England, claimed that many of the old £50 banknotes deposited in the accounts had come into her possession legitimately after being hidden under her grandmother's bed in China, while others had been given to her by friends and relatives visiting Britain. She planned to invest the money into student housing in Liverpool, she said. After she failed to produce bank...

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