Owners of Underground, International Financial Institutions Plead Guilty to Operating Unlicensed Money Transmitting Business
SAN DIEGO – Bing Han and Lei Zhang pleaded guilty in federal court today for operating unlicensed money transmitting businesses. Their guilty pleas are believed to be the first in the United States for a developing form of unlawful underground financial institution that transfers money between the United States and China, thereby circumventing domestic and foreign laws regarding monetary transfers and reporting, including United States anti-money laundering scrutiny and Chinese capital flight controls.
https://www.justice.gov/usao-sdca/pr/owners-underground-international-financial-institutions-plead-guilty-operating