![]() ![]() Companies do not usually ask us to do this sort of review unless they have good reason to believe a fraud has been committed, and nearly every time we do such a review, we find good evidence of fraud. ![]() This fraud occurs in the U.S., in China, and in most, if not all, countries throughout the world.Įven more than usual we are being asked by foreign companies (mostly American and European) to review Chinese bank records to determine the likelihood that someone or some entity had committed fraud. Bank and wire fraud is endemic to the worldwide electronic banking systems because our increasingly online interactions and troves of data lend themselves to a culture of fraud. We expect trade disputes and general business disputes between Chinese and non-Chinese companies to increase significantly over the next many months (and years), and some of those disputes will center on China’s opaque banking system. companies’ relationships with their Chinese business partners have been strained in the past year, and that has only accelerated the past few months, as we have noted in prior blog posts (see The US-China Trade War: What’s Next?, When Will the US-China Trade War End? It’s the New Normal, and The US-China Trade War: Next Week’s Shanghai Meeting is a Tiny Glimmer of Hope). ![]()
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