Money laundering investigation stymied by China, Italy says - Yahoo Finance: "FLORENCE, Italy (AP) — Police in Florence wondered where all the money was going. Italy's economy was heading off a cliff, but its Chinatowns were booming. Luxury cars snaked past Chinese betting parlors and garment factories that hummed into the night. Chinese immigrants were buying up Italian coffee bars and real estate. But their prosperity was not reflected in local tax records.
"What do they do with the money?" said Pietro Suchan, then deputy public prosecutor in Florence. "Do they eat it?"
The answer, after a four-year investigation by Italy's financial police, was no. They discovered that more than 4.5 billion euros ($4.9 billion) — the proceeds of counterfeiting, prostitution, labor exploitation and tax evasion — had been smuggled out of Italy to China in less than four years using a money-transfer service. "
'via Blog this'
"What do they do with the money?" said Pietro Suchan, then deputy public prosecutor in Florence. "Do they eat it?"
The answer, after a four-year investigation by Italy's financial police, was no. They discovered that more than 4.5 billion euros ($4.9 billion) — the proceeds of counterfeiting, prostitution, labor exploitation and tax evasion — had been smuggled out of Italy to China in less than four years using a money-transfer service. "
'via Blog this'
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