FINANCE

Italy Intensifies Crackdown on Chinese Underground Banking Networks

Published: May. 13, 2026 5:07 p.m. GMT+8

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Yang Lifeng

Italian authorities have taken a prominent Chinese business leader into custody as part of a widening crackdown on underground banking and money laundering networks tied to the country’s Chinese diaspora.

Yang Lifeng, president of the Federation of Chinese Entrepreneurs in Venice, was taken away on April 27 by Italy’s Guardia di Finanza, the country’s financial police force. He is currently being held in custody.

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Italian Guardia di Finanza arrested Yang Lifeng, Venice Chinese Entrepreneurs Federation president, on April 27; he is in custody for money laundering.
Network allegedly laundered 32 million euros ($37.5 million) via shell companies and fake invoices from late 2023 to April.
Seized >40 million euros in assets; part of crackdown on Chinese diaspora networks, including prior 5-billion-euro fake-invoice scheme.

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