China state-controlled TV accuses state-controlled bank of money laundering

|By:, SA News Editor

The Bank of China engaged in money laundering and in helping clients skirt controls on cross-border fund transfers, according to a 20-minute report airing on China Central Television.

One of Beijing's more powerful propaganda arms CCTV is often critical of both domestic and foreign firms. but it's rare for it to hone in on state-owned businesses, of which Bank of China is. The move coincides with a party crackdown on corruption, with particular focus on officials trying to move illegally obtained assets overseas.

Earlier this week, the NAR said Chinese customers led the way in a big jump in foreign purchases of U.S. real estate in 2013, buying $22B worth - about 24% of all foreign sales and 16% of total real estate sales.