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$147 billion goes online from China every year for gambling

An official from China's public security ministry told an event in Beijing that the movement of funds through mainland China, including digital currencies, was facilitating remittances of at least 1 trillion yuan ($146.5 billion) each year for gambling.

Liao Jinlong, director of international cooperation at the Ministry of Foreign Affairs, told Beijing News that such transfers pose a threat to China's economic security in terms of the influence of "foreign powers".

The comments were selected by the South China Morning Post newspaper on Friday.

"There are so many casinos overseas, and the asset details of many domestic entrepreneurs, individuals and parties involved would have been thoroughly examined [by casino operators]. This is not very safe for us," Liao was quoted as saying.

Liao's comments did not provide details on how those funds were supposedly used for those flows. However, according to a report by the South China Morning Post, there were references to criminal gangs helping gamblers move funds out of mainland China across the border.

It was reportedly not clear if the official involved transferring money from the mainland to Macau. Macau, a special administrative district, is the only place in China where casino gambling is legal.

Several media reports and comments from investment analysts have recently used largely unconfirmed sources suggesting mainland Chinese authorities are tightening their investigation and control of funds flowing into Macau, including gambling funds.

What is clear is that at least one major junket brand in Macau, Suncity Group, has changed its redemption rules for cash chips and "account transfers" since August, the company said in a statement to GGRAsia.

"The amount and speed of cross-border capital flows are unprecedented," Beijing Tsinghua University, a resident of the National Finance Institute, recently quoted the People's Daily as saying, "China must prepare for potential risks."

In August, China's foreign exchange bureau said it would step up its oversight of currency markets and work to curb "underground banks" and "cross-border" gambling.

Separately, China's foreign exchange regulator listed 10 cases of individual Chinese citizens fined for moving funds to "cross-border gambling" or "overseas gambling" between 2017 and 2019 in a circular released on Saturday.

The total amount of funds involved amounted to nearly $2.8 million, with individual amounts ranging from US$102,000 to as much as $586,000.

The country's foreign exchange bureau said fines had been imposed on individuals, with amounts ranging from 103,000 yuan to up to 498,000 yuan.

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