State Administration of Foreign Exchange: Strictly crack down on illegal cross-border financial activities, seriously investigate and deal with illeg

National Foreign Exchange Administration's public account published an article titled "Strong Supervision, Risk Prevention, and Effective Maintenance of the Healthy Order of the Foreign Exchange Market", pointing out that it will severely crack down on illegal cross-border financial activities, focus on improving the quality and effectiveness of foreign exchange supervision, and since 2017, it has investigated and dealt with more than 16,000 cases of foreign exchange violations, with fines totaling nearly 7 billion yuan. The National Foreign Exchange Administration also stated that it will increase its monitoring efforts in key areas, focusing on regular system-wide analysis of key areas such as underground banks, export tax fraud, and virtual currencies, and organizing cross-departmental joint research and judgment irregularly to effectively improve the ability to detect major illegal cross-border financial activities in a timely manner. It will always maintain a high-pressure crackdown on illegal cross-border fund activities, do a good job of linking execution, and seriously investigate illegal cross-border transfer of funds such as cross-border matching, fictitious transactions, personal splitting, and virtual currencies.