Financial Crime World

Financial Crimes on the Rise in China: Statistics and Trends Revealed

A recent report has shed light on a disturbing trend in China, highlighting a surge in financial crimes over the past few years. The statistics paint a picture of a country struggling to contain a growing number of fraud cases, corruption scandals, money laundering schemes, and terrorism financing activities.

Types of Financial Crimes in China

The most common types of financial crimes in China include:

  • Financial Fraud: accounting for 4% of all accepted cases by the court between 2016 and 2018
  • Corruption: resulting in median losses worldwide of $1.5 million to $2.5 million per case between 2020 and 2021
  • Money Laundering: with a total confiscation value of $14.4 billion between 2013 and 2017

The report reveals the following statistics:

  • Between 2016 and 2018, there were 4,357 accepted financial fraud cases by the court in China
  • In 2018, 70% of accepted financial fraud prosecutions in China involved bank card scams
  • The ratio of credit card fraud cases in China’s selected banks increased from 12.5% to 18.2% between 2016 and 2018

Technological Prevention

The report highlights the use of technology in preventing financial crimes, with 63% of respondents worldwide citing the usefulness of artificial intelligence in detecting and preventing financial crimes.

Victim Profiles

The majority of victims are female (55%) and aged between 25 and 34 (43%), with telemarketing and online deception becoming increasingly common forms of financial crime in China.

Combating Money Laundering and Terrorism Financing

The report notes the need for greater cooperation between law enforcement agencies and financial institutions to combat money laundering and terrorism financing. In 2015-2018, there were 1,444 suspicious transaction reports on terrorism financing in China.

Conclusion

The statistics and trends revealed in this report serve as a warning of the growing threat of financial crimes in China. As the country continues to develop its economy and expand its global influence, it is essential that it prioritizes combating financial crimes and protecting its citizens from these threats.