The South China Morning Post has fingered CITIC as another bank engaged in offshore money transfers for emigrants:
A day after Bank of China (BOC) was accused by the state broadcaster of breaking foreign exchange rules by helping people take money out of the country, it has emerged a second state bank has also been offering the service.
Industry sources told the South China Morning Post yesterday that China Citic Bank – controlled by the Citic Group, which in turn is directly controlled by the State Council, China’s cabinet – also facilitated the movement of currency overseas, including Hong Knog.
