TechFlow news, October 20 — According to Bloomberg, the U.S. Homeland Security Investigations (HSI) recently disclosed that Chinese organized crime groups have established a sophisticated money laundering network, using gift cards—among the most fundamental financial products in the U.S. retail market—to transfer illicit funds from the United States to China, amounting to several billion dollars.
The investigation revealed that members of these criminal organizations within the U.S. use stolen gift card balances to purchase high-value goods such as iPhones and laptops, which are then shipped to China for resale and profit. The money laundering network also involves various financial instruments including mobile wallets and cryptocurrencies, forming a complete cross-border chain of illegal fund flows.
