The IRS has caught two Las Vegas men who helped gamblers to bypass the annual limit of exchange to foreign currency. Bing Han and Lei Zhang have pleaded guilty on charges that they received money into the Chinese bank accounts from gamblers and transferred an equivalent in US Dollars to their customer’s US-based accounts for a commission. Customers are only allowed to convert $50,000 worth of Chinese Yuan each year; so, when they wanted more money, Han and Zhang would offer to help as many customers as the casino hosts introduced to them.
According to the IRS, the action of the two culprits has violated the U.S anti-money laundering law as well as the China’s capital controls, thereby challenging the ability of the law enforcement officers to confront criminals. Han and Zhang are therefore going to face about five years in prison – Han will be sentenced on May 1, while Zhang’s sentence comes up on May 4. However, there is currently no information about the casino hosts.
