Money Laundering in Guyana for Chinese businessmen flagged in Vice report

Jul 09, 2022 News

Kaieteur News – Vice News, a media company based in the United States of America went undercover in Guyana recently to investigate shady transactions being conducted by Chinese businessmen in the country and some of its findings suggest that there could be money launderers operating here.

A screen grab from the Vice News Documentary of the conversation between the undercover Journalist Isobel Yeung and the suspected Chinese money launderer operating in Guyana

The media company recently aired a 24 minute documentary from its undercover mission in Guyana and in which a Chinese national was seen on a hidden camera explaining how he is able transfer large sums cash into the country, undetected from the relevant authorities and tax free.

Vice News’ journalist Isobel Yeung, and a Chinese man whose name was given as “Chan” had entered Guyana and posed as individuals looking to invest in the country. Chan reportedly posed as a Chinese businessman and Yeung acted as his secretary.

According to the documentary aired, they were introduced by an elite circle of Chinese businessmen in the country, to Su Zhirong, a suspected “middleman” who allegedly negotiates deals between potential investors and the government of Guyana.

Su told them that he was in a position to help with arranging a deal, because of his close ties with Guyana’s Vice-President Dr. Bharrat Jagdeo.

Su was identified as a tenant of the Vice President but also related to the undercover journalist that he works an agent for Jagdeo, in negotiating deals and collecting bribes for such transactions.

Chan reportedly agreed and assured Su that he is willing to pay him and Jagdeo for a deal “but his capital (money) is tied up in China because of the country’s control over sending money abroad.”

Yeung then related that during their assignment in Guyana, they learnt of money launderers working in the country who could assist them in laundering the cash out of China.

Yeung said, she was able to make contact with a few and recorded a meeting with one of the suspected money launderers on a hidden camera.

During their conversation, the suspect told Yeung, “we deal with all Chinese businessmen here in Guyana. If there are some fees that need to be transferred to the president and local government officials, that money is transferred through us.”

Yeung then asked him to explain how this is possible and the money launderer responded, “It’s very easy. What we do is get around china’s regulations… You give me Chinese RMB (Chinese yang) and I can give you cash tomorrow”.

The individual also related that he works with a team to transfer huge sums of cash for both private and state run Chinese businesses into Guyana. He also made it clear that because of the Covid-19 Pandemic, his team is only able to transfer $300,000 to $400,000 per day, and said too that “dirty money” can be transferred for corrupt Chinese officials but at a higher cost.

“For dirty money from corrupt Chinese officials, we have another way to do that, if you want cash, we charge 20 percent now”, he told Yeung.

The suspected money launderer reasoned that the rate for laundering “dirty money” is high because they “are at risk of being arrested”.

Yeung explained during the documentary, that the suspected money launderer is using the “Flying Money” system to launder cash into the country.

The “Flying Money” system, she further explained, is depositing large sums of cash in a bank account in China and the equivalent in dollars, minus the hefty fee (for laundering the cash), is taken out in Guyana, “getting around taxes and border restrictions.”

Yeung did not reveal if they had actually gone through with the deal to launder cash into Guyana during their undercover assignment which aimed at exposing corruption involving Chinese businessmen operating the country.

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