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 by Staff Writers Beijing (AFP) Dec 30, 2017
China has tightened rules on how much cash cardholders can withdraw overseas in a bid to clamp down on money laundering, terrorist financing and tax evasion, authorities said Saturday. The annual limit will be set at 100,000 yuan ($15,355) per person from Monday -- no matter how many cards a person has. Currently, there is an annual ATM cap of 100,000 yuan for each separate card, but there is nothing to stop users withdrawing many times this amount using multiple cards. The new rules will "prevent law breakers from withdrawing a large amount of cash with different cards from different banks," the State Administration of Foreign Exchange said according to state news agency Xinhua. Anyone exceeding the limit will be barred from withdrawing cash overseas for the remainder of the year and the following year. The move comes as China has struggled with capital flight and tightened capital controls this year to stem the outflow of money.
Masayoshi Son: From chicken feed to Japan's richest tycoonTokyo (AFP) Dec 29, 2017 Once asked on Twitter about his receding hairline, Masayoshi Son, founder of Japanese telecoms giant SoftBank, retorted: "My hair is not receding. I'm advancing." It was a typically bullish remark from the 60-year-old tycoon, listed by Forbes as Japan's richest man with an estimated fortune of $22.2 billion, who has embarked on a furious spree of purchases culminating in Thursday's deal to t ... read more Related Links Global Trade News
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