Circular of the State Administration of Foreign Exchange on cases of Foreign Exchange violations-Shanghai Metals Market

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Circular of the State Administration of Foreign Exchange on cases of Foreign Exchange violations

Translation 11:05:08AM May 20, 2019 Source:State Administration of Foreign Exchange
The content below was translated by Tencent automatically for reference.

According to the Law of the people's Republic of China on Anti-money laundering (decree No. 56 of the President of the people's Republic of China) and the regulations of the people's Republic of China on Foreign Exchange Control (decree No. 532 of the State Council of the people's Republic of China), The State Administration of Foreign Exchange has strengthened the supervision of the foreign exchange market, severely cracked down on false and deceptive foreign exchange transactions, and safeguarded the healthy and benign order of the foreign exchange market. In accordance with the regulations of the people's Republic of China on the Disclosure of Government Information (decree No. 711 of the State Council of the people's Republic of China) and other relevant provisions, some typical cases of violations are hereby notified as follows:

Case 1: bank of Nanjing Shanghai Pudong Branch false re-export Trade payment case

From February to March 2016, the Shanghai Pudong Branch of the Bank of Nanjing handled the foreign exchange payment business of re-export trade on the basis of false bills of lading.

The above-mentioned acts of the bank violate Article 12 of the regulations on Foreign Exchange Control. According to Article 47 of the regulations on Foreign Exchange Control, a fine of 800000 yuan shall be imposed.

Case 2: false re-export trade payment case of Ningbo Branch of Agricultural Bank of China

From September 2016 to September 2017, the Ningbo Branch of the Agricultural Bank handled the business of re-export trade and foreign exchange payment on the basis of invalid bills of lading or duplicate documents, and failed to handle the business of receiving and paying foreign exchange for re-export trade at the same bank network in accordance with the regulations.

The above-mentioned acts of the Bank violate Article 12 of the regulations on Foreign Exchange Control and Article 5 of the notice of the State Administration of Foreign Exchange on further promoting the Verification of the authenticity of Trade and Investment Facilitation. In accordance with Article 47 of the regulations on Foreign Exchange Control, rectification shall be ordered and a fine of 644800 yuan shall be imposed.

Case 3: industrial and Commercial Bank of China Nanchang Beijing West Road Branch false re-export trade payment case

From September 2016 to October 2017, the Industrial and Commercial Bank of China Nanchang Beijing West Road Branch handled the foreign exchange payment business of re-export trade on the basis of false bills of lading.

The above-mentioned acts of the bank violate Article 12 of the regulations on Foreign Exchange Control. In accordance with Article 47 of the regulations on Foreign Exchange Control, rectification shall be ordered and a fine of 1.1154 million yuan shall be imposed.

Case 4: Taizhou Branch of Industrial Bank illegally handling domestic and foreign loans

From April 2015 to May 2016, the Taizhou Branch of Industrial Bank failed to fulfill its audit responsibility when signing contracts for domestic and foreign loans and performing foreign exchange payments. Due diligence and investigation have not been carried out on the use of the loan funds, the source of the expected repayment funds, the possibility of guarantee performance and the background of the relevant transactions in accordance with the relevant provisions.

The above-mentioned actions of the bank violate articles 12 and 28 of the regulations on the Administration of Cross-border guaranteed Foreign Exchange. In accordance with Article 47 of the regulations on Foreign Exchange Control, rectification shall be ordered and a fine of 953100 yuan shall be imposed.

Case 5: individual spin-off and payment of Foreign Exchange in Hangzhou Branch of China Merchants Bank

From January to November 2016, China Merchants Bank Hangzhou Branch illegally used 303 domestic individuals' annual foreign exchange purchase quota to handle spin-off, sale and payment of foreign exchange for customers.

The above-mentioned acts of the bank violate Article 7 of the measures for the Administration of individual Foreign Exchange. In accordance with Article 47 of the regulations on Foreign Exchange Control, rectification shall be ordered and a fine of 1 million yuan shall be imposed.

Case 6: foreign exchange evasion case of Shandong Qingyuan Group Co., Ltd.

In May 2016, Shandong Qingyuan Group Co., Ltd. used false contracts, invoices and bills of lading to pay US $9.555 million in foreign exchange with fictional trade background.

This act violates Article 12 of the regulations on Foreign Exchange Control and constitutes an act of foreign exchange evasion. In accordance with Article 39 of the regulations on Foreign Exchange Control, a fine of 3.0974 million yuan shall be imposed. The punishment information shall be incorporated into the credit information system of the people's Bank of China.

Case 7: the case of evasion of Foreign Exchange by Guangzhou Yifan Trading Co., Ltd.

From May 2016 to June 2017, Guangzhou Yifan Trading Co., Ltd. used a false bill of lading to pay US $92.858 million in foreign exchange with a fictitious trade background.

This act violates Article 12 of the regulations on Foreign Exchange Control and constitutes an act of foreign exchange evasion. In accordance with Article 39 of the regulations on Foreign Exchange Control, a fine of 37.34 million yuan shall be imposed. The punishment information shall be incorporated into the credit information system of the people's Bank of China.

Case 8: case of evasion of Foreign Exchange by Rural Foundation (Chongqing) Investment Co., Ltd.

From November 2016 to March 2017, the actual controller of Rural Foundation (Chongqing) Investment Co., Ltd. failed to register foreign exchange and change registration of overseas investment in accordance with the regulations, and illegally remitted profits to the overseas parent company, totaling US $8.8599 million.

This act violates Article 16 of the regulations on Foreign Exchange Control and constitutes an act of foreign exchange evasion. In accordance with Article 39 of the regulations on Foreign Exchange Control, a fine of 3.02 million yuan shall be imposed. The punishment information shall be incorporated into the credit information system of the people's Bank of China.

Case 9: Ningbo Huili International Trading Co., Ltd.

From February 2017 to March 2018, Ningbo Huili International Trading Co., Ltd. used a false bill of lading to pay US $15.6562 million in foreign exchange with a fictitious trade background.

This act violates Article 12 of the regulations on Foreign Exchange Control and constitutes an act of foreign exchange evasion. In accordance with Article 39 of the regulations on Foreign Exchange Control, a fine of 5.0984 million yuan shall be imposed. The punishment information shall be incorporated into the credit information system of the people's Bank of China.

Case 10: foreign exchange evasion case of Beijing Xinhuayang Trading Co., Ltd.

In May 2017, Beijing Xinhuayang Trading Co., Ltd. used an invalid bill of lading to pay US $6.19 million in foreign exchange with a fictitious trade background.

This act violates Article 12 of the regulations on Foreign Exchange Control and constitutes an act of foreign exchange evasion. In accordance with Article 39 of the regulations on Foreign Exchange Control, a fine of 2.1365 million yuan shall be imposed. The punishment information shall be incorporated into the credit information system of the people's Bank of China.

Case 11: Taihao Power Technology Co., Ltd.

In May 2017, Taihao Power Technology Co., Ltd. used a false bill of lading to pay 2 million euros in foreign exchange with a fictitious trade background.

This act violates Article 12 of the regulations on Foreign Exchange Control and constitutes an act of foreign exchange evasion. In accordance with Article 39 of the regulations on Foreign Exchange Control, a fine of 800000 yuan shall be imposed. The punishment information shall be incorporated into the credit information system of the people's Bank of China.

Case 12: illegal trading of foreign exchange by Liu Mou, a native of Sichuan Province

From June 2014 to August 2015, Liu remitted HK $7.6717 million in 12 payments through underground banks.

This act violates Article 30 of the measures for the Administration of individual Foreign Exchange and constitutes an act of illegal trading in foreign exchange. In accordance with Article 45 of the regulations on Foreign Exchange Control, a fine of 491400 yuan shall be imposed. It will be managed by the "concern list" and incorporated into the credit information system of the people's Bank of China.

Case 13: case of illegal Trading of Foreign Exchange by Cao Mou, a native of Hunan Province

From July 2015 to March 2016, Cao illegally bought and sold 34 Hong Kong dollars through underground banks, totaling 8.9932 million yuan.

This act violates Article 30 of the measures for the Administration of individual Foreign Exchange and constitutes an act of illegal trading in foreign exchange. In accordance with Article 45 of the regulations on Foreign Exchange Control, a fine of 719500 yuan shall be imposed. It will be managed by the "concern list" and incorporated into the credit information system of the people's Bank of China.

Case 14: illegal trading of foreign exchange by Peng, a native of Chongqing

From September to December 2015, Peng bought 16 US dollars through underground banks and remitted them abroad, totaling 13.8358 million yuan.

This act violates Article 30 of the measures for the Administration of individual Foreign Exchange and constitutes an act of illegal trading in foreign exchange. In accordance with Article 45 of the regulations on Foreign Exchange Control, a fine of 968500 yuan shall be imposed. It will be managed by the "concern list" and incorporated into the credit information system of the people's Bank of China.

Case 15: illegal trading of foreign exchange by Zhang Mou, a native of Anhui Province

From January 2017 to April 2018, Zhang bought and sold Hong Kong dollars illegally through underground banks many times, totaling 3.7624 million yuan.

This act violates Article 30 of the measures for the Administration of individual Foreign Exchange and constitutes an act of illegal trading in foreign exchange. In accordance with Article 45 of the regulations on Foreign Exchange Control, a fine of 452000 yuan shall be imposed. It will be managed by the "concern list" and incorporated into the credit information system of the people's Bank of China.

Case 16: Zhejiang native Hong Mou privately buying and selling foreign exchange case

From February 2011 to October 2015, Hong paid 312 million yuan to other people's accounts to buy foreign exchange privately for the purchase of real estate abroad.

This act violates Article 30 of the measures for the Administration of individual Foreign Exchange and constitutes an act of buying and selling foreign exchange privately. In accordance with Article 45 of the regulations on Foreign Exchange Control, a fine of 24.97 million yuan shall be imposed. It will be managed by the "concern list" and incorporated into the credit information system of the people's Bank of China.

Case 17: sun Mou, a native of Guangdong, split up the case of evading foreign exchange

From January 2016 to July 2017, Sun used the annual foreign exchange purchase quota of 34 domestic individuals to separate and remit individual funds to overseas accounts, illegally transferring funds totaling 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 an act of foreign exchange evasion. In accordance with Article 39 of the regulations on Foreign Exchange Control, a fine of 830000 yuan shall be imposed. It will be managed by the "concern list" and incorporated into the credit information system of the people's Bank of China.

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Circular of the State Administration of Foreign Exchange on cases of Foreign Exchange violations

Translation 11:05:08AM May 20, 2019 Source:State Administration of Foreign Exchange
The content below was translated by Tencent automatically for reference.

According to the Law of the people's Republic of China on Anti-money laundering (decree No. 56 of the President of the people's Republic of China) and the regulations of the people's Republic of China on Foreign Exchange Control (decree No. 532 of the State Council of the people's Republic of China), The State Administration of Foreign Exchange has strengthened the supervision of the foreign exchange market, severely cracked down on false and deceptive foreign exchange transactions, and safeguarded the healthy and benign order of the foreign exchange market. In accordance with the regulations of the people's Republic of China on the Disclosure of Government Information (decree No. 711 of the State Council of the people's Republic of China) and other relevant provisions, some typical cases of violations are hereby notified as follows:

Case 1: bank of Nanjing Shanghai Pudong Branch false re-export Trade payment case

From February to March 2016, the Shanghai Pudong Branch of the Bank of Nanjing handled the foreign exchange payment business of re-export trade on the basis of false bills of lading.

The above-mentioned acts of the bank violate Article 12 of the regulations on Foreign Exchange Control. According to Article 47 of the regulations on Foreign Exchange Control, a fine of 800000 yuan shall be imposed.

Case 2: false re-export trade payment case of Ningbo Branch of Agricultural Bank of China

From September 2016 to September 2017, the Ningbo Branch of the Agricultural Bank handled the business of re-export trade and foreign exchange payment on the basis of invalid bills of lading or duplicate documents, and failed to handle the business of receiving and paying foreign exchange for re-export trade at the same bank network in accordance with the regulations.

The above-mentioned acts of the Bank violate Article 12 of the regulations on Foreign Exchange Control and Article 5 of the notice of the State Administration of Foreign Exchange on further promoting the Verification of the authenticity of Trade and Investment Facilitation. In accordance with Article 47 of the regulations on Foreign Exchange Control, rectification shall be ordered and a fine of 644800 yuan shall be imposed.

Case 3: industrial and Commercial Bank of China Nanchang Beijing West Road Branch false re-export trade payment case

From September 2016 to October 2017, the Industrial and Commercial Bank of China Nanchang Beijing West Road Branch handled the foreign exchange payment business of re-export trade on the basis of false bills of lading.

The above-mentioned acts of the bank violate Article 12 of the regulations on Foreign Exchange Control. In accordance with Article 47 of the regulations on Foreign Exchange Control, rectification shall be ordered and a fine of 1.1154 million yuan shall be imposed.

Case 4: Taizhou Branch of Industrial Bank illegally handling domestic and foreign loans

From April 2015 to May 2016, the Taizhou Branch of Industrial Bank failed to fulfill its audit responsibility when signing contracts for domestic and foreign loans and performing foreign exchange payments. Due diligence and investigation have not been carried out on the use of the loan funds, the source of the expected repayment funds, the possibility of guarantee performance and the background of the relevant transactions in accordance with the relevant provisions.

The above-mentioned actions of the bank violate articles 12 and 28 of the regulations on the Administration of Cross-border guaranteed Foreign Exchange. In accordance with Article 47 of the regulations on Foreign Exchange Control, rectification shall be ordered and a fine of 953100 yuan shall be imposed.

Case 5: individual spin-off and payment of Foreign Exchange in Hangzhou Branch of China Merchants Bank

From January to November 2016, China Merchants Bank Hangzhou Branch illegally used 303 domestic individuals' annual foreign exchange purchase quota to handle spin-off, sale and payment of foreign exchange for customers.

The above-mentioned acts of the bank violate Article 7 of the measures for the Administration of individual Foreign Exchange. In accordance with Article 47 of the regulations on Foreign Exchange Control, rectification shall be ordered and a fine of 1 million yuan shall be imposed.

Case 6: foreign exchange evasion case of Shandong Qingyuan Group Co., Ltd.

In May 2016, Shandong Qingyuan Group Co., Ltd. used false contracts, invoices and bills of lading to pay US $9.555 million in foreign exchange with fictional trade background.

This act violates Article 12 of the regulations on Foreign Exchange Control and constitutes an act of foreign exchange evasion. In accordance with Article 39 of the regulations on Foreign Exchange Control, a fine of 3.0974 million yuan shall be imposed. The punishment information shall be incorporated into the credit information system of the people's Bank of China.

Case 7: the case of evasion of Foreign Exchange by Guangzhou Yifan Trading Co., Ltd.

From May 2016 to June 2017, Guangzhou Yifan Trading Co., Ltd. used a false bill of lading to pay US $92.858 million in foreign exchange with a fictitious trade background.

This act violates Article 12 of the regulations on Foreign Exchange Control and constitutes an act of foreign exchange evasion. In accordance with Article 39 of the regulations on Foreign Exchange Control, a fine of 37.34 million yuan shall be imposed. The punishment information shall be incorporated into the credit information system of the people's Bank of China.

Case 8: case of evasion of Foreign Exchange by Rural Foundation (Chongqing) Investment Co., Ltd.

From November 2016 to March 2017, the actual controller of Rural Foundation (Chongqing) Investment Co., Ltd. failed to register foreign exchange and change registration of overseas investment in accordance with the regulations, and illegally remitted profits to the overseas parent company, totaling US $8.8599 million.

This act violates Article 16 of the regulations on Foreign Exchange Control and constitutes an act of foreign exchange evasion. In accordance with Article 39 of the regulations on Foreign Exchange Control, a fine of 3.02 million yuan shall be imposed. The punishment information shall be incorporated into the credit information system of the people's Bank of China.

Case 9: Ningbo Huili International Trading Co., Ltd.

From February 2017 to March 2018, Ningbo Huili International Trading Co., Ltd. used a false bill of lading to pay US $15.6562 million in foreign exchange with a fictitious trade background.

This act violates Article 12 of the regulations on Foreign Exchange Control and constitutes an act of foreign exchange evasion. In accordance with Article 39 of the regulations on Foreign Exchange Control, a fine of 5.0984 million yuan shall be imposed. The punishment information shall be incorporated into the credit information system of the people's Bank of China.

Case 10: foreign exchange evasion case of Beijing Xinhuayang Trading Co., Ltd.

In May 2017, Beijing Xinhuayang Trading Co., Ltd. used an invalid bill of lading to pay US $6.19 million in foreign exchange with a fictitious trade background.

This act violates Article 12 of the regulations on Foreign Exchange Control and constitutes an act of foreign exchange evasion. In accordance with Article 39 of the regulations on Foreign Exchange Control, a fine of 2.1365 million yuan shall be imposed. The punishment information shall be incorporated into the credit information system of the people's Bank of China.

Case 11: Taihao Power Technology Co., Ltd.

In May 2017, Taihao Power Technology Co., Ltd. used a false bill of lading to pay 2 million euros in foreign exchange with a fictitious trade background.

This act violates Article 12 of the regulations on Foreign Exchange Control and constitutes an act of foreign exchange evasion. In accordance with Article 39 of the regulations on Foreign Exchange Control, a fine of 800000 yuan shall be imposed. The punishment information shall be incorporated into the credit information system of the people's Bank of China.

Case 12: illegal trading of foreign exchange by Liu Mou, a native of Sichuan Province

From June 2014 to August 2015, Liu remitted HK $7.6717 million in 12 payments through underground banks.

This act violates Article 30 of the measures for the Administration of individual Foreign Exchange and constitutes an act of illegal trading in foreign exchange. In accordance with Article 45 of the regulations on Foreign Exchange Control, a fine of 491400 yuan shall be imposed. It will be managed by the "concern list" and incorporated into the credit information system of the people's Bank of China.

Case 13: case of illegal Trading of Foreign Exchange by Cao Mou, a native of Hunan Province

From July 2015 to March 2016, Cao illegally bought and sold 34 Hong Kong dollars through underground banks, totaling 8.9932 million yuan.

This act violates Article 30 of the measures for the Administration of individual Foreign Exchange and constitutes an act of illegal trading in foreign exchange. In accordance with Article 45 of the regulations on Foreign Exchange Control, a fine of 719500 yuan shall be imposed. It will be managed by the "concern list" and incorporated into the credit information system of the people's Bank of China.

Case 14: illegal trading of foreign exchange by Peng, a native of Chongqing

From September to December 2015, Peng bought 16 US dollars through underground banks and remitted them abroad, totaling 13.8358 million yuan.

This act violates Article 30 of the measures for the Administration of individual Foreign Exchange and constitutes an act of illegal trading in foreign exchange. In accordance with Article 45 of the regulations on Foreign Exchange Control, a fine of 968500 yuan shall be imposed. It will be managed by the "concern list" and incorporated into the credit information system of the people's Bank of China.

Case 15: illegal trading of foreign exchange by Zhang Mou, a native of Anhui Province

From January 2017 to April 2018, Zhang bought and sold Hong Kong dollars illegally through underground banks many times, totaling 3.7624 million yuan.

This act violates Article 30 of the measures for the Administration of individual Foreign Exchange and constitutes an act of illegal trading in foreign exchange. In accordance with Article 45 of the regulations on Foreign Exchange Control, a fine of 452000 yuan shall be imposed. It will be managed by the "concern list" and incorporated into the credit information system of the people's Bank of China.

Case 16: Zhejiang native Hong Mou privately buying and selling foreign exchange case

From February 2011 to October 2015, Hong paid 312 million yuan to other people's accounts to buy foreign exchange privately for the purchase of real estate abroad.

This act violates Article 30 of the measures for the Administration of individual Foreign Exchange and constitutes an act of buying and selling foreign exchange privately. In accordance with Article 45 of the regulations on Foreign Exchange Control, a fine of 24.97 million yuan shall be imposed. It will be managed by the "concern list" and incorporated into the credit information system of the people's Bank of China.

Case 17: sun Mou, a native of Guangdong, split up the case of evading foreign exchange

From January 2016 to July 2017, Sun used the annual foreign exchange purchase quota of 34 domestic individuals to separate and remit individual funds to overseas accounts, illegally transferring funds totaling 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 an act of foreign exchange evasion. In accordance with Article 39 of the regulations on Foreign Exchange Control, a fine of 830000 yuan shall be imposed. It will be managed by the "concern list" and incorporated into the credit information system of the people's Bank of China.