The Associated Press is releasing an exclusive story that examines how the $1.8 trillion global counterfeit goods industry uses Chinese banks for financial transactions. The AP reviewed hundreds of pages of court documents from cases in the United States and China to show that a lack of cooperation between the West and China is allowing counterfeiters to use Chinese banks as financial shelters.
The story will be sent HOLD FOR RELEASE and will be available for publication Thursday at 9 p.m. EDT (0100 GMT).
SHANGHAI — Some prominent Chinese banks serve as safe havens for counterfeiters, who use them to process credit card payments for fake goods or move their money around the globe, The Associated Press has found. Tiffany & Co. and Gucci are suing the Bank of China and other Chinese banks to force them to hand over counterfeiters’ data and seize their assets in China. Recent attempts by U.S. and European companies to follow counterfeiters’ money into China have stalled, frustrating efforts to deal a more decisive blow to the global trade in fakes, which has endured despite years of raids. By Erika Kinetz. UPCOMING: 2,900 words by 9 p.m. EDT (0100 GMT), photos, video. An abridged version of 900 words also will also move. With CHINA-COUNTERFEITING BY THE NUMBERS — A look at key numbers from the AP’s examination.