{"id":3980,"date":"2025-11-23T11:04:26","date_gmt":"2025-11-23T11:04:26","guid":{"rendered":"https:\/\/myanmarmuslim.news\/en\/?p=3980"},"modified":"2025-11-23T12:41:00","modified_gmt":"2025-11-23T12:41:00","slug":"chinese-shadow-liquidity-and-the-scam-economy","status":"publish","type":"post","link":"https:\/\/myanmarmuslim.news\/en\/2025\/11\/23\/chinese-shadow-liquidity-and-the-scam-economy\/","title":{"rendered":"Chinese Shadow Liquidity and the Scam Economy"},"content":{"rendered":"\n<p><a href=\"https:\/\/newlinesinstitute.org\/state-resilience-fragility\/chinese-shadow-liquidity-and-the-scam-economy\/\">Chinese Shadow Liquidity and the Scam Economy<\/a><\/p>\n\n\n\n<p>by&nbsp;<a href=\"https:\/\/newlinesinstitute.org\/people\/adam-rousselle\/\">Adam Rousselle<\/a>&nbsp;September 3, 2025&nbsp;<\/p>\n\n\n\n<p>A soldier stands guard as workers cover their faces while authorities raid the offices of Central One, an alleged scam hub masquerading as a call center company, on Oct. 31, 2024, in Bagac, Philippines. (Photo by Ezra Acayan\/Getty Images)<\/p>\n\n\n\n<p>The explosive rise of Southeast Asia-based scam networks targeting victims globally is no accident; it is the byproduct of China\u2019s vast offshore shadow liquidity systems. Scammers from the region have increasingly targeted victims in the United States, who lost at least $5 billion to&nbsp;<a href=\"https:\/\/www.newsweek.com\/china-online-scam-centers-us-victims-2102123\" target=\"_blank\" rel=\"noreferrer noopener\">such scams<\/a>&nbsp;in 2024 alone. Scam hubs, some of which comprise&nbsp;<a href=\"https:\/\/www.bbc.com\/news\/articles\/c04nx1vnw17o\" target=\"_blank\" rel=\"noreferrer noopener\">entire cities<\/a>&nbsp;built using offshored Chinese wealth, threaten stability across Asia by draining middle-class savings into a self-perpetuating parasitic ecosystem. These criminal enterprises are now actively expanding their operations in&nbsp;<a href=\"https:\/\/www.asahi.com\/ajw\/articles\/15719980\" target=\"_blank\" rel=\"noreferrer noopener\">Africa and Latin America<\/a>, positioning themselves closer to Western societies where aging populations are especially vulnerable to&nbsp;<a href=\"https:\/\/www.ncoa.org\/article\/what-are-the-top-online-scams-targeting-older-adults\/\" target=\"_blank\" rel=\"noreferrer noopener\">sophisticated cybercrimes<\/a>. These systems also threaten regional stability, with recent military clashes between Thailand and Cambodia underpinned by rising&nbsp;<a href=\"https:\/\/www.theregister.com\/2025\/07\/31\/thai_cambodia_war_cyberscam_links\/\" target=\"_blank\" rel=\"noreferrer noopener\">scam activity<\/a>&nbsp;and capital flows to the Cambodian side of their disputed border.<\/p>\n\n\n\n<p>Over the past decade, China built a secret offshore capital reservoir to shield itself from an increasingly hostile outside world. That reservoir, combined with massive capital outflows, has spawned a vast criminal ecosystem that threatens social and economic interests the world over. Moreover, the networks constituting this ecosystem now serve their own ends, not merely those of Beijing. In the absence of safeguards, this pooled liquidity has fueled criminality that now threatens China despite Beijing\u2019s ongoing efforts to reassert control over it. This offshored criminal ecosystem demonstrates a fundamental truth by its very existence: liquidity systems, once externalized beyond state oversight, become self-reinforcing, corrosive infrastructures.<\/p>\n\n\n\n<p>In Southeast Asia, sprawling scam hubs now siphon an estimated tens of billions of dollars or more annually, turning a defensive buffer into a&nbsp;<a href=\"https:\/\/therecord.media\/southeast-asian-scam-syndicates-stealing-billions-annually\" target=\"_blank\" rel=\"noreferrer noopener\">parasitic financial ecosystem<\/a>&nbsp;threatening regional and global stability. This criminal ecosystem exposes a significant contradiction at the heart of China\u2019s model: a regime built on centralized control increasingly entangled with systems it can neither regulate nor contain. These networks \u2013 once designed to strengthen China\u2019s financial sovereignty \u2013 now threaten it, eroding domestic stability and undermining the very narrative of control the ruling Communist Party depends on to maintain legitimacy.<\/p>\n\n\n\n<p><strong>What Is Shadow Liquidity?&nbsp;<\/strong>&nbsp;<\/p>\n\n\n\n<p>Shadow liquidity is a mobile layer of capital that exists outside standard regulatory frameworks. Unlike traditional illicit finance, which is explicitly criminal, it occupies a gray zone \u2013 part statecraft tool, part private escape valve, part opportunistic exploitation. Its core function is not to hide individual transactions but to maintain a resilient flow of value that can shift jurisdictions, instruments, or ownership structures as conditions demand.&nbsp;<\/p>\n\n\n\n<p>China\u2019s offshore liquidity systems emerged as a response to external pressures, including&nbsp;<a href=\"https:\/\/harris-sliwoski.com\/chinalawblog\/why-following-your-chinese-suppliers-tariff-advice-could-land-you-in-jail\/\" target=\"_blank\" rel=\"noreferrer noopener\">tariffs<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/ipdefenseforum.com\/2025\/02\/shadow-networks-shell-companies-help-prc-russia-evade-sanctions-export-controls\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noreferrer noopener\">sanctions<\/a>. Initially structured as discreet channels to support trade and investment, these reserves evolved into conduits for elite capital flight and informal influence operations. A clear example is the $900\u202fbillion in offshore&nbsp;<a href=\"https:\/\/thechinaproject.com\/2023\/06\/29\/shadow-reserves-how-china-hides-trillions-of-dollars-of-hard-currency\/#:~:text=The%20policy%20banks%20initially%20weren,China%2DLAC%20Cooperation%20Fund).\" target=\"_blank\" rel=\"noreferrer noopener\">foreign currency assets<\/a>&nbsp;held by China\u2019s state commercial banks, funded by deposits made by state-owned enterprises and outside the official People\u2019s Bank of China (PBoC) balance sheet. Designed as a buffer against external shocks, these pools of liquidity coincide with the rise of&nbsp;<a href=\"https:\/\/www.uscc.gov\/research\/chinas-exploitation-scam-centers-southeast-asia#:~:text=Key%20Findings%3A,trade%20in%20scale%20and%20sophistication.\" target=\"_blank\" rel=\"noreferrer noopener\">informal networks<\/a>&nbsp;beyond Beijing\u2019s direct control.&nbsp;<\/p>\n\n\n\n<p>DeepSeek, an artificial intelligence product developed in&nbsp;<a href=\"https:\/\/www.btl-research.com\/p\/deepseek-deep-dive-what-role-did\" target=\"_blank\" rel=\"noreferrer noopener\">close proximity<\/a>&nbsp;to China\u2019s state-owned military and defense sector, provided a striking example of how offshore liquidity pools serve Chinese state interests. In June\u202f2025, U.S. officials accused DeepSeek\u2019s parent company of using&nbsp;<a href=\"https:\/\/www.reuters.com\/world\/china\/deepseek-aids-chinas-military-evaded-export-controls-us-official-says-2025-06-23\/\" target=\"_blank\" rel=\"noreferrer noopener\">shell corporations<\/a>&nbsp;in Southeast Asia to acquire banned Nvidia H100 chips \u2013 critical for training advanced AI models \u2013 thereby bypassing sanctions aimed at curbing Beijing\u2019s military AI ambitions. Recent cases also show that Chinese firms leverage&nbsp;<a href=\"https:\/\/www.washingtonpost.com\/business\/2025\/07\/27\/us-trade-policy-china-transshipment\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noreferrer noopener\">offshore entities<\/a>&nbsp;to evade recently escalated U.S. tariffs. In this way, these networks created a parallel reservoir of liquidity designed to move outside Beijing\u2019s formal financial architecture while remaining at least partly aligned with state objectives.&nbsp;&nbsp;<\/p>\n\n\n\n<p>However, by unleashing vast sums of liquidity into loosely regulated financial systems, Beijing seeded a landscape where state-linked capital, private wealth, and criminal enterprise converge. According to a July 2025 report from the U.S.\u2013China Economic and Security Review Commission (USCC), Chinese&nbsp;<a href=\"https:\/\/www.uscc.gov\/sites\/default\/files\/2025-07\/Chinas_Exploitation_of_Scam_Centers_in_Southeast_Asia.pdf?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noreferrer noopener\">criminal networks<\/a>&nbsp;in Southeast Asia \u201chave built ties \u2013 some overt, some deniable \u2013 to the Chinese government by embracing patriotic rhetoric and supporting China\u2019s Belt and Road Initiative (BRI).\u201d The report further notes that \u201cChinese crime syndicates have expanded across the region with, at a minimum, implicit financial and political backing from elements of the Chinese government.\u201d Murky state-linked investments in now-notorious scam hubs like the&nbsp;<a href=\"https:\/\/carnegieendowment.org\/research\/2023\/12\/the-mekong-region-is-a-test-of-chinas-global-development-and-security-model?lang=en\" target=\"_blank\" rel=\"noreferrer noopener\">Golden Triangle Special Economic Zone<\/a>&nbsp;(SEZ) in Laos and Myanmar\u2019s&nbsp;<a href=\"https:\/\/www.irrawaddy.com\/news\/burma\/new-city-thai-myanmar-border-part-bri-despite-chinas-denials-developer-claims.html\" target=\"_blank\" rel=\"noreferrer noopener\">Shwe Kokko SEZ<\/a>&nbsp;are just some examples. What was meant to be a controlled instrument of resilience has instead become a porous, adaptive ecosystem \u2013 one increasingly beyond Beijing\u2019s ability to discipline without destabilizing the very flows it relies on.&nbsp;<\/p>\n\n\n\n<p>In China\u2019s case, offshored \u201cshadow reserves\u201d have become a&nbsp;<a href=\"https:\/\/warontherocks.com\/2024\/08\/shadow-reserves-chinas-key-to-parry-u-s-financial-sanctions\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noreferrer noopener\">critical funding source<\/a>&nbsp;for BRI projects, with state commercial banks channeling offshore foreign currency assets \u2013 often absent from official PBoC reporting \u2013 into overseas infrastructure. BRI has become the most visible expression of how shadow liquidity can be weaponized as both an economic and geopolitical instrument.&nbsp;<\/p>\n\n\n\n<p>Because liquidity is inherently dynamic, these networks behave less like pipelines and more like living infrastructure. They adapt under enforcement pressure, migrate during crises, and often move faster than&nbsp;<a href=\"https:\/\/www.regulationtomorrow.com\/asia\/hong-kong-stablecoins-sprint-historic-bill-passes-draft-licensee-guidelines-released-and-aml-cft-consultation-begins\/\" target=\"_blank\" rel=\"noreferrer noopener\">formal financial reforms<\/a>&nbsp;can catch them. For China, this networked capital is both a pillar of external influence and a source of internal fragility: a system built to shield the state from outside constraint that has instead created an informal architecture of power \u2013 one Beijing now depends on but cannot fully control. Simultaneously, this informal architecture has proved resilient against Chinese and other global crackdowns, likely at least in part due to its entrenchment in Chinese elite power structures.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>The Southeast Asia Inflection Point&nbsp;<\/strong>&nbsp;<\/p>\n\n\n\n<p>In Southeast Asia, China\u2019s shadow liquidity strategy has mutated into something far more volatile.&nbsp;<a href=\"https:\/\/globalinitiative.net\/analysis\/compound-crime-cyber-scam-operations-in-southeast-asia\/\" target=\"_blank\" rel=\"noreferrer noopener\">Scam compounds<\/a>&nbsp;in Cambodia, Laos, and Myanmar, sprawling online&nbsp;<a href=\"https:\/\/www.abc.net.au\/news\/2024-07-26\/philippine-offshore-gaming-operators-pogo-workers-leaving\/104147866\" target=\"_blank\" rel=\"noreferrer noopener\">gambling hubs<\/a>&nbsp;in the Philippines, and a dense web of informal&nbsp;<a href=\"https:\/\/www.unodc.org\/roseap\/uploads\/documents\/Publications\/2025\/Inflection_Point_2025.pdf?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noreferrer noopener\">crypto-asset brokers<\/a>&nbsp;now act as powerful magnets for Chinese capital outflows. Funds slip past Beijing\u2019s&nbsp;<a href=\"https:\/\/www.businesstimes.com.sg\/companies-markets\/banking-finance\/chinas-shadowy-crypto-brokers-lure-us75-billion-economy-toils?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noreferrer noopener\">formal controls<\/a>&nbsp;through domestic&nbsp;<a href=\"https:\/\/www.wsj.com\/world\/china\/china-economy-capital-flight-2ba6391b?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noreferrer noopener\">underground banking<\/a>&nbsp;networks, gray-market over-the-counter (OTC) brokers based in Hong Kong, and payment platforms such as Huione and other similar&nbsp;<a href=\"https:\/\/smallwarsjournal.com\/2025\/07\/24\/illicit-liquidity-as-battlespace-rethinking-finance-in-asymmetric-conflict\/\" target=\"_blank\" rel=\"noreferrer noopener\">underground systems<\/a>. These actors often facilitate&nbsp;<a href=\"https:\/\/www.lawfaremedia.org\/article\/the-world-s-underground-bankers\" target=\"_blank\" rel=\"noreferrer noopener\">capital flight<\/a>&nbsp;disguised as trade settlement or investment outflows, converging powerfully with state-led outflows.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Investigations have tracked billions of dollars flowing through OTC desks in&nbsp;<a href=\"https:\/\/protos.com\/was-ftx-funded-by-chinese-capital-flight__trashed\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bangkok<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/en.sggp.org.vn\/chinese-fraud-ring-busted-in-hcmc-for-scamming-japanese-victims-post117281.html?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noreferrer noopener\">Ho Chi Minh City<\/a>&nbsp;into scam operations and laundering networks. What began as pass-throughs for capital flight is now self-reinforcing.<em>&nbsp;<\/em>Reports indicate that Chinese middle-class investors have lost tens of billions of dollars to newer forms of crypto fraud \u2013 particularly&nbsp;<a href=\"https:\/\/theconversation.com\/pig-butchering-scams-have-stolen-billions-from-people-around-the-world-heres-what-you-need-to-know-252774\" target=\"_blank\" rel=\"noreferrer noopener\">pig-butchering scams<\/a>&nbsp;\u2013 often facilitated by border OTC networks in Southeast Asia. According to Wired,&nbsp;<a href=\"https:\/\/www.wired.com\/story\/pig-butchering-scam-invasion\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noreferrer noopener\">global losses<\/a>&nbsp;due to scam operations exceeded $75\u202fbillion in 2023, with China-origin capital feeding scam compounds and high-risk gambling zones in Cambodia, Laos, Myanmar, and beyond. These systems no longer route funds back into China; they feed their own expansion, siphoning ever-larger volumes of&nbsp;<a href=\"https:\/\/www.usip.org\/sites\/default\/files\/2024-05\/ssg_transnational-crime-southeast-asia.pdf?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noreferrer noopener\">Chinese wealth<\/a>&nbsp;to sustain illicit economies.<\/p>\n\n\n\n<p>This dynamic has created a parasitic financial architecture. Chinese liquidity designed to circumvent external constraints is now trapped in feedback loops, comingling with and empowering nonstate actors and criminal organizations. For example, the Yemen-based al-Houthi rebel group has used Huione to transfer $39 million in illicit proceeds. Militant groups in Myanmar have been linked to&nbsp;<a href=\"https:\/\/smallwarsjournal.com\/2025\/07\/24\/illicit-liquidity-as-battlespace-rethinking-finance-in-asymmetric-conflict\/\" target=\"_blank\" rel=\"noreferrer noopener\">similar funding<\/a>&nbsp;schemes. These networks have proven resilient in the face of global pressure, such as recent revelations that Huione remains operational despite its&nbsp;<a href=\"https:\/\/www.chainalysis.com\/blog\/huione-guarantee-still-active-despite-shutdown\/\" target=\"_blank\" rel=\"noreferrer noopener\">formal shutdown<\/a>&nbsp;in the wake of U.S. sanctions.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Scam centers now threaten regional stability in Southeast Asia, draining middle-class savings while embedding themselves into the broader gray-zone economy. For example, ethnic Chinese-run&nbsp;<a href=\"https:\/\/www.aljazeera.com\/news\/2022\/4\/13\/in-thailand-chinese-gangs-recruit-the-desperate-into-phone-scams\" target=\"_blank\" rel=\"noreferrer noopener\">scam centers<\/a>&nbsp;in Cambodia routinely target middle-class victims in&nbsp;<a href=\"https:\/\/www.straitstimes.com\/asia\/se-asia\/thailand-targets-cambodian-scam-centres-as-border-dispute-rages\" target=\"_blank\" rel=\"noreferrer noopener\">neighboring Thailand<\/a>. Thai authorities report that since 2022,&nbsp;<a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/thailand-arrests-100-people-operating-border-scam-centre-2025-03-05\/\" target=\"_blank\" rel=\"noreferrer noopener\">these operations<\/a>&nbsp;have defrauded domestic investors of roughly 80\u202fbillion baht (about $2.5 billion), while regional estimates variably suggest the industry now generates nearly tens of billions of dollars annually. These scam centers became an important&nbsp;<a href=\"https:\/\/time.com\/7305413\/thailand-cambodia-border-war-hun-sen-manet-paetongtarn-thaksin-shinawatra\/\" target=\"_blank\" rel=\"noreferrer noopener\">point of tension<\/a>&nbsp;between Thailand and Cambodia in the months leading up to the July border clashes between the two countries that killed at least 35 people and displaced more than 260,000.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The result of China\u2019s shadow liquidity outflows is a network that serves state, private, and criminal interests simultaneously \u2013 but answers fully to none. In this Southeast Asian crucible, China\u2019s shadow liquidity has crossed an inflection point: from strategic tool to autonomous ecosystem, eroding the very stability it was meant to secure.&nbsp;<\/p>\n\n\n\n<p><strong>How It Backfires on China&nbsp;<\/strong>&nbsp;<\/p>\n\n\n\n<p>The explosion of scam-driven liquidity drains in Southeast Asia produces visible social and economic consequences inside China. Hundreds of thousands \u2013 possibly millions \u2013 of Chinese citizens have&nbsp;<a href=\"https:\/\/onlinelibrary.wiley.com\/doi\/full\/10.1111\/rego.70007\" target=\"_blank\" rel=\"noreferrer noopener\">lost savings<\/a>&nbsp;to cross-border fraud schemes linked to scam compounds and gray-market payment platforms. While reliable data on those losses is scarce, early&nbsp;<a href=\"https:\/\/arxiv.org\/abs\/2412.15423?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noreferrer noopener\">documented cases<\/a>&nbsp;point to hundreds of millions of dollars stolen through pigbutchering scams \u2013 long con frauds where perpetrators groom victims online before convincing them to hand over large sums of money. Today, estimates claim&nbsp;<a href=\"https:\/\/fortune.com\/article\/asian-scam-operations-united-nations-un-warning-cybersecurity\/\" target=\"_blank\" rel=\"noreferrer noopener\">scam compounds<\/a>&nbsp;generate tens of billions of dollars annually, most extracted from Chinese households \u2013 an ongoing bleed of domestic savings that represents a vastly underestimated long-term erosion of national capital.&nbsp;<\/p>\n\n\n\n<p>This state-facilitated ecosystem has bred distrust within China\u2019s middle class \u2013 the demographic Beijing relies on most for social stability. Recent unemployment and failed investments have fueled&nbsp;<a href=\"https:\/\/x.com\/garnettime6\/status\/1948506226414813244\" target=\"_blank\" rel=\"noreferrer noopener\">unrest<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.newsweek.com\/china-news-downplays-mass-killing-1985624\" target=\"_blank\" rel=\"noreferrer noopener\">rising violence<\/a>&nbsp;\u2013 potential harbingers of things to come as scam losses mount. The scale of loss from cross-border scams is not merely individual but systemic. As illicit networks siphon billions annually, they erode China\u2019s internal capital coherence \u2013 the ability of the state to direct domestic savings into strategic investment. Instead of reinforcing national resilience, these shadow channels are diverting household wealth into offshore criminal ecosystems that recycle capital outside Beijing\u2019s control.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Although Chinese authorities have made efforts at&nbsp;<a href=\"https:\/\/www.nytimes.com\/2025\/02\/27\/world\/asia\/scam-centers-myanmar-thailand-china.html\" target=\"_blank\" rel=\"noreferrer noopener\">cross-border crackdowns<\/a>, Southeast Asia\u2019s scam economy continues to flourish. It is likely that Beijing cannot fully disavow these operations due to how embedded they have become within elite circles. For example, organized crime figures such as the 14K Triad\u2019s Wan Kuok Koi (aka \u201cBroken Tooth\u201d) reportedly hold close political ties to the Chinese Communist Party (CCP), with Wan&nbsp;<a href=\"https:\/\/www.dw.com\/en\/how-chinese-mafia-are-running-a-scam-factory-in-myanmar\/a-68113480\" target=\"_blank\" rel=\"noreferrer noopener\">allegedly stating<\/a>&nbsp;that although he used to fight for the cartels, he now fights for the CCP. In 2018, Wan launched the World Hongmen History and Cultural Association, an entity U.S. authorities&nbsp;<a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/sm1206\" target=\"_blank\" rel=\"noreferrer noopener\">sanctioned<\/a>&nbsp;two years later for its alleged criminal activity, including&nbsp;<a href=\"https:\/\/timesofindia.indiatimes.com\/world\/china\/chinese-mafia-scam-factory-inside-asias-brutal-scam-compound\/articleshow\/107255572.cms\" target=\"_blank\" rel=\"noreferrer noopener\">close ties<\/a>&nbsp;to Southeast Asian scam operations. Washington also claims that Wan is a senior member of the&nbsp;<a href=\"https:\/\/www.occrp.org\/en\/investigation\/pacific-gambit-inside-the-chinese-communist-party-and-triad-push-into-palau\" target=\"_blank\" rel=\"noreferrer noopener\">Chinese government<\/a>, holding a position on the Chinese People\u2019s Political Consultative Conference \u2013 an assertion&nbsp;<a href=\"https:\/\/www.reuters.com\/article\/usa-china-sanctions-wan-idUSB9N2GP010\/\" target=\"_blank\" rel=\"noreferrer noopener\">Beijing denies<\/a>.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Another Chinese gangster, Zhao Wei, has benefited from extensive&nbsp;<a href=\"https:\/\/thediplomat.com\/2021\/05\/boten-the-renaissance-of-laoss-golden-city\/\" target=\"_blank\" rel=\"noreferrer noopener\">BRI investment<\/a>&nbsp;in his Laos-based Golden Triangle SEZ, where he&nbsp;<a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/sm0272\" target=\"_blank\" rel=\"noreferrer noopener\">owns and operates<\/a>&nbsp;the infamous Kings Romans Casino, which allegedly maintains extensive ties to&nbsp;<a href=\"https:\/\/www.business-humanrights.org\/en\/latest-news\/laos-two-africans-allegedly-recruited-to-work-in-cyber-scam-compounds-in-sez-with-passports-taken-away-and-work-up-to-17-hours\/\" target=\"_blank\" rel=\"noreferrer noopener\">scam operations<\/a>&nbsp;in the SEZ. Such cases indicate that the Chinese regime maintains deep ties to the very scam operations that consistently undermine its public image despite attempts to rein them in. As ensuring&nbsp;<a href=\"https:\/\/www.brookings.edu\/articles\/chinas-achilles-heel-capital-flight\/\" target=\"_blank\" rel=\"noreferrer noopener\">capital outflows<\/a>&nbsp;likely plays a key role in maintaining loyalty within the CCP\u2019s opaque&nbsp;<a href=\"https:\/\/asiasociety.org\/policy-institute\/decoding-chinese-politics\/introduction-black-box-chinese-policy\" target=\"_blank\" rel=\"noreferrer noopener\">patronage networks<\/a>, these scam operations may benefit from protection by the very officials meant to regulate them.&nbsp;&nbsp;<\/p>\n\n\n\n<p>This dynamic sharply inverts the original aim of China\u2019s offshore liquidity systems. What began as an effort to secure financial sovereignty and shield the economy from external shocks has instead produced an internal liquidity leak. It undermines the narrative of centralized control \u2013 the cornerstone of party legitimacy \u2013 as the population sees their own savings flow into unregulated, foreign-run criminal networks backed by state-led investments. In this way, the social cost of shadow liquidity is not just economic dislocation but also the corrosion of the trust Beijing needs to sustain its model of governance.&nbsp;<\/p>\n\n\n\n<p><strong>Policy and Security Implications&nbsp;<\/strong>&nbsp;<\/p>\n\n\n\n<p>Current anti-money laundering and counter-terrorist financing frameworks focus on shadow liquidity as a&nbsp;<a href=\"https:\/\/www.researchgate.net\/publication\/389869404_Rule-Based_Systems_in_AML\" target=\"_blank\" rel=\"noreferrer noopener\">criminal threat<\/a>&nbsp;on a case-by-case basis rather than a systemic one. Compliance systems emphasize wallet-level monitoring and red-flag thresholds, but as the Financial Action Task Force (FATF) warns, the&nbsp;<a href=\"https:\/\/www.fatf-gafi.org\/en\/publications\/Methodsandtrends\/comprehensive-update-terrorist-financing-risks-2025.html\" target=\"_blank\" rel=\"noreferrer noopener\">decentralization<\/a>&nbsp;of financial operations \u201cmay further complicate efforts to disrupt larger financial networks.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p>There is a clear imperative for disrupting and dismantling these shadow liquidity systems. The human cost is already visible \u2013 from&nbsp;<a href=\"https:\/\/www.pbs.org\/wgbh\/frontline\/article\/scam-centers-trafficking-myanmar\/\" target=\"_blank\" rel=\"noreferrer noopener\">human trafficking<\/a>&nbsp;rings sustaining scam operations to the&nbsp;<a href=\"https:\/\/www.newsweek.com\/china-online-scam-centers-us-victims-2102123\" target=\"_blank\" rel=\"noreferrer noopener\">growing number<\/a>&nbsp;of victims in the United States and globally whose wealth is funneled into opaque offshore corridors. With Western populations aging, Chinese illicit&nbsp;<a href=\"https:\/\/www.wsj.com\/us-news\/china-mexico-drug-money-laundering-banks-907f35f8\" target=\"_blank\" rel=\"noreferrer noopener\">financial infrastructure<\/a>&nbsp;already embedded within Western societies, and&nbsp;<a href=\"https:\/\/www.interpol.int\/en\/News-and-Events\/News\/2025\/INTERPOL-releases-new-information-on-globalization-of-scam-centres#:~:text=However%2C%20online%20scam%20centres%20have,from%20South%20America%20or%20Africa.\" target=\"_blank\" rel=\"noreferrer noopener\">scam centers expanding<\/a>&nbsp;into geographically, linguistically, and culturally proximate regions such as Africa and Latin America, the risk of a structurally entrenched global scam economy is rising. Evidence that these same corridors are exploited by&nbsp;<a href=\"https:\/\/smallwarsjournal.com\/2025\/07\/24\/illicit-liquidity-as-battlespace-rethinking-finance-in-asymmetric-conflict\/\" target=\"_blank\" rel=\"noreferrer noopener\">terrorist and militant groups<\/a>&nbsp;such as the Houthis to launder and transfer funds beyond the reach of traditional enforcement only underscores the urgency for decisive action.&nbsp;&nbsp;<\/p>\n\n\n\n<p>At the state level, China\u2019s BRI has become a dual-use platform \u2013 advancing Beijing\u2019s geopolitical objectives while quietly facilitating elite capital flight and enabling shadow liquidity systems under the cover of infrastructure investment. In this way, BRI simultaneously spreads and undermines Beijing\u2019s influence globally but doubly harms U.S. and other global interests by simultaneously furthering Chinese military expansionism while enabling parasitic organized criminal infrastructure. Until Beijing demonstrates a genuine commitment to dismantling these offshore shadow liquidity networks, global regulators and enforcement agencies should treat its financial initiatives with maximum caution.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Scam compounds, OTC desks, and gray-market payment networks are no longer discrete criminal enterprises; they are embedded in shadow capital infrastructure originally tied to Chinese state objectives. Treating them as isolated criminal enterprises misses their role as autonomous reservoirs of capital capable of sustaining&nbsp;<a href=\"https:\/\/smallwarsjournal.com\/2025\/07\/24\/illicit-liquidity-as-battlespace-rethinking-finance-in-asymmetric-conflict\/\" target=\"_blank\" rel=\"noreferrer noopener\">proxy influence<\/a>&nbsp;and destabilizing economies.&nbsp;<\/p>\n\n\n\n<p>Addressing this requires ecosystem-level targeting. FATF\u2019s&nbsp;<a href=\"https:\/\/www.fatf-gafi.org\/content\/dam\/fatf-gafi\/publications\/Comprehensive-Update-on-Terrorist-Financing-Risks-2025.pdf.coredownload.inline.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">2025 report<\/a>&nbsp;highlight \u201cOperation Grafos,\u201d where real-time intelligence sharing, blockchain analysis, and cross-jurisdictional coordination was employed to disrupt a virtual asset-based terrorism finance network. Those methods must become standard practice, not isolated cases.&nbsp;<\/p>\n\n\n\n<p>Hybrid threat frameworks must integrate liquidity analysis alongside kinetic and cyber domains. The Basel Framework\u2019s&nbsp;<a href=\"https:\/\/www.bis.org\/basel_framework\/\" target=\"_blank\" rel=\"noreferrer noopener\">network-based supervision<\/a>&nbsp;and the Organization for Economic Cooperation and Development\u2019s&nbsp;<a href=\"https:\/\/www.oecd.org\/content\/dam\/oecd\/en\/networks\/global-forum-tax-transparency\/effective-beneficial-ownership-frameworks-toolkit-en.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">beneficial ownership<\/a>&nbsp;models offer practical templates for this. Pressure on Southeast Asian jurisdictions hosting scam enclaves must also escalate. Cambodia, Laos, Myanmar, and the Philippines are now structural nodes; carrot-and-stick approaches could force structural change.&nbsp;<\/p>\n\n\n\n<p>Stablecoin and OTC-specific controls are essential. Hong Kong\u2019s virtual asset service provider OTC regime and International Monetary Fund guidance on stablecoin flows provide blueprints for containing these pipelines. The recent announcement that stablecoin issuer Tether will&nbsp;<a href=\"https:\/\/www.coindesk.com\/policy\/2025\/07\/18\/tether-ceo-says-he-ll-comply-with-genius-to-come-to-u-s-circle-says-it-s-set-now\" target=\"_blank\" rel=\"noreferrer noopener\">fully comply<\/a>&nbsp;with Washington\u2019s Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act over a period of 36 months is a positive step in this direction. Without systemic measures to regulate and contain these flows, shadow liquidity will continue to metastasize beyond state control, embedding itself as a structural layer of global capital flows. Given the primacy of U.S. regulatory and enforcement bodies in the global financial system, Washington will have to anchor any serious effort to contain these high-risk and unregulated flows.&nbsp;&nbsp;<\/p>\n\n\n\n<p>By mapping these flows as an ecosystem rather than isolated incidents, enforcement bodies can identify structural chokepoints where targeted interventions may have disproportionate disruptive impact.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>Conclusion<\/strong>&nbsp;<\/p>\n\n\n\n<p>Shadow liquidity is more than a byproduct of illicit finance; it is a strategic architecture. China\u2019s experience shows how systems built to project resilience can evolve into autonomous networks draining wealth and feeding actors beyond state control.&nbsp;<\/p>\n\n\n\n<p>This is the central warning: once liquidity is externalized into unregulated systems, it no longer necessarily serves the state or actor that created it. Financial sovereignty is not just reserves; it depends on controlling the conduits of trust \u2013 the pathways through which value moves. Without discipline over these flows, even the most carefully engineered financial architecture can become a vector of decay, eroding the very stability it was built to secure. The real question is whether these systems can be contained in time \u2013 before they permanently erode the foundations of the global financial order.<\/p>\n\n\n\n<p><br><em>The views expressed in this article are those of the author and not an official policy or position of New Lines Institute.<\/em><\/p>\n\n\n\n<p><a href=\"https:\/\/newlinesinstitute.org\/people\/adam-rousselle\/\"><\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/newlinesinstitute.org\/people\/adam-rousselle\/\"><img decoding=\"async\" src=\"https:\/\/newlinesinstitute.org\/wp-content\/uploads\/WhatsApp-Image-2025-04-10-at-08.54.25-260x280.jpeg\" alt=\"Adam Rousselle\"\/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/newlinesinstitute.org\/people\/adam-rousselle\/\">Adam Rousselle<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.facebook.com\/mashwemoekorea?__cft__[0]=AZVWvNBnKxOgQ5a2EwmHwsCuJd8-f_ODrZPvWbXr-jPEOay5JzAzj98JaoY22Ntmh9idHoKu7zEyJvcQkygp3GpeMZPM8giISPD8a3AVtaMP_YwyOFbCMaTFd6ZGmPd1qAotiil46YaKLZTGCZGTCP1QP8tDz1XNXDtkr4EREMuoil_u8D9cug4AkBuB2-HDfanaPOJefYqOuwHShxTPnPdI&amp;__tn__=-UC%2CP-R\"><strong>\u1019\u101b\u103d\u103e\u1031\u1019\u102d\u102f\u1038-\u1000\u102d\u102f\u101b\u102e\u1038\u101a\u102c\u1038<\/strong><\/a>\u00a0<\/p>\n\n\n\n<p>\u275d \u1010\u101b\u102f\u1010\u103a \u1021\u101b\u102d\u1015\u103a\u1000\u103c\u102e\u1038\u1015\u1031\u102b\u103a\u101c\u102c\u1015\u103c\u102e \u275e<\/p>\n\n\n\n<p><a><\/a>\u101e\u1000\u103a\u101b\u103e\u102d \u101e\u1000\u103a\u1019\u1032\u1037 \u1015\u1005\u1039\u1005\u100a\u103a\u1038\u1010\u103d\u1031\u1014\u1032\u1037 \u101e\u1030\u1010\u102d\u102f\u1037\u101b\u1032\u1037 \u1021\u101b\u102d\u1015\u103a\u1000 \u1021\u1010\u1030\u1010\u1030\u1010\u103d\u1032\u101b\u103e\u102d\u1014\u1031\u1019\u103c\u1032\u104a \u1010\u1005\u103a\u1006\u1000\u103a\u1010\u100a\u103a\u1038..\u104b \u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a\u1000 \u1011\u1030\u1038\u1006\u1014\u103a\u1038\u1010\u101a\u103a\u101b\u101a\u103a\u2026\u104a \u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a\u1000 \u101e\u1015\u103a\u101e\u1015\u103a\u104a \u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a\u101b\u1032\u1037 \u1021\u101b\u102d\u1015\u103a\u1010\u103d\u1031\u1000 \u101e\u1015\u103a\u101e\u1015\u103a..\u104b<\/p>\n\n\n\n<p>\u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a\u101b\u1032\u1037 \u1021\u101b\u102d\u1015\u103a\u1010\u103d\u1031\u1000 \u1018\u1031\u1000\u103b\u1004\u103a\u1038\u1019\u103e\u102c\u1019\u101b\u103e\u102d\u1018\u1032 \u1019\u103c\u1014\u103a\u1019\u102c\u104a \u1000\u1019\u1039\u1018\u1031\u102c\u1012\u102e\u1038\u101a\u102c\u1038\u104a \u101c\u102c\u1038\u1021\u103a\u102d\u102f\u1037\u1005\u103a\u104a \u1011\u102d\u102f\u1004\u103a\u1038\u104a \u1016\u102d\u101c\u1005\u103a\u1015\u102d\u102f\u1004\u103a\u2026 \u1025\u101b\u1031\u102c\u1015\u104a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1021\u1011\u102d \u1000\u1019\u1039\u1018\u102c\u1021\u1014\u103e\u1036\u1037\u1019\u103e\u102c..\u104b<\/p>\n\n\n\n<p>\u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a\u101b\u1032\u1037 \u1021\u101b\u102d\u1015\u103a\u1010\u103d\u1031\u101f\u102c \u1000\u1019\u1039\u1018\u102c\u1010\u1005\u103a\u101c\u103d\u103e\u102c\u1038\u1019\u103e\u102c \u1010\u1005\u1039\u1006\u1031\u1010\u103d\u1031\u101c\u102d\u102f \u1014\u1031\u1011\u102d\u102f\u1004\u103a\u1000\u103c\u1010\u101a\u103a\u104b \u1021\u1032\u1037\u1010\u102c \u1014\u1031\u102c\u1000\u103a\u1011\u1015\u103a \u1021\u101b\u102d\u1015\u103a \u1010\u1005\u1039\u1006\u1031 \u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a \u1021\u101e\u1005\u103a\u1010\u1005\u103a\u1001\u102f\u1015\u1032\u104b<\/p>\n\n\n\n<p>\u2e3b<\/p>\n\n\n\n<p>\u201c \u1012\u102b \u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a\u1014\u1032\u1037 \u1011\u1015\u103a\u1010\u1030\u1015\u1032\u104a \u1001\u1004\u103a\u1017\u103b\u102c\u1038\u1010\u102d\u102f\u1037 \u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a\u101b\u1032\u1037 \u1021\u101b\u102d\u1015\u103a\u201d\u101c\u102d\u102f\u1037 \u1000\u1019\u1039\u1018\u102c\u1000\u1015\u103c\u1031\u102c\u1010\u1031\u102c\u1037 \u101e\u1030\u1010\u102d\u102f\u1037\u1000 \u1004\u103c\u1004\u103a\u1038\u1010\u101a\u103a\u104b<\/p>\n\n\n\n<p>\u201c\u1021\u1032\u1037\u1010\u102c \u1004\u102b\u1010\u102d\u102f\u1037\u1021\u101b\u102d\u1015\u103a\u1019\u101f\u102f\u1010\u103a\u104a \u1001\u1004\u103a\u1017\u103b\u102c\u1038\u1010\u102d\u102f\u1037 \u1021\u1014\u102c\u1038\u1019\u103e\u102c\u101b\u103e\u102d\u1010\u102c \u1001\u1004\u103a\u1017\u103b\u102c\u1038\u1010\u102d\u102f\u1037\u1021\u101b\u102d\u1015\u103a\u1015\u1031\u102b\u1037\u201d \u1010\u1032\u1037..\u104b<\/p>\n\n\n\n<p>\u2e3b<\/p>\n\n\n\n<p>\u101e\u1030\u1010\u102d\u102f\u1037 \u101d\u1014\u103a\u1019\u1001\u1036\u1010\u1032\u1037 \u1021\u101b\u102d\u1015\u103a\u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a\u101b\u1032\u1037 \u101b\u102c\u1007\u101d\u1010\u103a \u1021\u1004\u103a\u1015\u102b\u101a\u102c\u1000 \u1021\u101c\u103d\u1014\u103a\u1015\u1032\u1000\u103c\u102e\u1038\u1019\u102c\u1038\u101c\u103e\u1010\u101a\u103a\u104b \u1021\u1032\u1012\u102e\u1000\u101b\u1010\u1032\u1037 \u1004\u103d\u1031\u1010\u103d\u1031\u1000 \u1010\u1031\u102c\u1021\u102f\u1015\u103a \u1021\u1019\u103e\u1031\u102c\u1004\u103a\u1011\u1032\u1000\u1010\u1006\u1004\u1037\u103a \u1021\u102d\u1010\u103a\u1000\u103c\u102e\u1038 \u1021\u102d\u1010\u103a\u1004\u101a\u103a\u1010\u103d\u1031\u1021\u1015\u103c\u100a\u1037\u103a\u1014\u1032\u1037 \u1014\u101a\u103a\u1005\u1015\u103a\u1010\u103d\u1031\u1000\u1010\u1006\u1004\u1037\u103a \u1005\u102e\u1038\u1006\u1004\u103a\u1038\u1014\u1031\u1010\u101a\u103a\u104b \u1019\u103e\u1031\u102c\u1004\u103a\u1001\u102d\u102f \u1018\u100f\u103a\u1010\u103d\u1031\u104a \u1001\u103c\u1031\u101b\u102c\u1001\u1036\u1019\u101b\u1010\u1032\u1037 \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1005\u1014\u1005\u103a\u1010\u103d\u1031\u1000 \u1010\u1006\u1004\u1037\u103a \u1005\u102e\u1038\u1006\u1004\u103a\u1038\u1014\u1031\u1010\u101a\u103a\u104b \u1015\u103c\u102e\u1038\u1010\u1031\u102c\u1037 \u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a\u1011\u1032\u1000\u102d\u102f \u1015\u103c\u1014\u103a\u101d\u1004\u103a\u1010\u101a\u103a\u104b<\/p>\n\n\n\n<p>\u1021\u1032\u1012\u102e \u101c\u103b\u103e\u102d\u102f\u1037\u101d\u103e\u1000\u103a \u1019\u103e\u1031\u102c\u1004\u103a\u1001\u102d\u102f \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1015\u1004\u103a\u101c\u101a\u103a\u1000\u103c\u102e\u1038\u1005\u102e\u1038\u1006\u1004\u103a\u1038\u1019\u103e\u102f\u101f\u102c \u101c\u1000\u103a\u101b\u103e\u102d \u1000\u1019\u1039\u1018\u102c\u1000\u103c\u102e\u1038\u1000\u102d\u102f\u1001\u103c\u102d\u1019\u103a\u1038\u1001\u103c\u1031\u102c\u1000\u103a\u1014\u1031\u1015\u102b\u1010\u101a\u103a\u104b \u1012\u102b\u101f\u102c \u1010\u1010\u102d\u101a \u1000\u1019\u1039\u1018\u102c\u1005\u1005\u103a\u1015\u102b\u1015\u1032\u104b<\/p>\n\n\n\n<p>\u2e3b<\/p>\n\n\n\n<p>\u1021\u101b\u102d\u1015\u103a \u1010\u1005\u1039\u1006\u1031 \u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a \u2026<\/p>\n\n\n\n<p>\u1014\u101a\u103a\u1005\u1015\u103a\u104a \u1010\u1031\u102c\u1021\u102f\u1015\u103a\u104a \u101c\u103b\u103e\u1015\u103a\u1005\u1005\u103a\u1019\u102e\u1038\u1010\u1031\u102c\u1004\u103a\u1019\u101b\u1010\u1032\u1037 \u1021\u101c\u103d\u1014\u103a\u101d\u1031\u1038\u101c\u1036\u1001\u1031\u102b\u1004\u103a\u1016\u103b\u102c\u1038 \u1006\u1004\u103a\u1038\u101b\u1032\u101c\u103e\u1010\u1032\u1037\u101b\u103d\u102c\u1004\u101a\u103a\u101c\u1031\u1038\u1010\u103d\u1031\u101f\u102c \u1021\u1001\u102f\u1010\u1031\u102c\u1037 \u1021\u101b\u102d\u1015\u103a\u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a\u1021\u101e\u1005\u103a \u1016\u103c\u1005\u103a\u101e\u103d\u102c\u1038\u101c\u102d\u1019\u1037\u103a\u1019\u101a\u1037\u103a\u101c\u102d\u102f\u1037 \u1018\u101a\u103a\u101e\u1030\u1000 \u1018\u101a\u103a\u101e\u1031\u102c\u1021\u1001\u102b\u1019\u103e \u1010\u103d\u1031\u1038\u1019\u102d\u1001\u1032\u1037\u1000\u103c\u1019\u103e\u102c\u1019\u101f\u102f\u1010\u103a\u1018\u1030\u1038\u104b<\/p>\n\n\n\n<p>\u101c\u103b\u103e\u1015\u103a\u1005\u1005\u103a\u1019\u102e\u1038\u1010\u1031\u102c\u1004\u103a\u1019\u101b\u103e\u102d\u1001\u1032\u1037\u1010\u1032\u1037 \u1000\u1019\u1039\u1018\u1031\u102c\u1012\u102e\u1038\u101a\u102c\u1038 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\u1018\u101d\u1015\u103b\u1000\u103a\u1010\u101a\u103a\u104b\u1021\u1000\u103c\u1019\u103a\u1038\u1016\u1000\u103a\u1019\u103e\u102f\u1010\u103d\u1031 \u1016\u103c\u1005\u103a\u101c\u102c\u1010\u101a\u103a\u104b \u1010\u1001\u103b\u102d\u102f\u1037\u1000\u1010\u1031\u102c\u1037 \u1019\u102d\u1019\u102d\u1000\u102d\u102f\u101a\u103a\u1000\u102d\u102f\u101e\u1010\u103a\u101e\u1031\u1001\u1032\u1037\u1000\u103c\u1010\u101a\u103a\u104b<\/p>\n\n\n\n<p>\u1021\u1032\u1012\u102e\u1019\u103e\u102c\u1010\u1004\u103a \u1021\u101b\u102d\u1015\u103a \u1010\u1005\u1039\u1006\u1031 \u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a\u101f\u102c \u1010\u1000\u101a\u1037\u103a\u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a\u1019 \u101b\u1032\u1037\u1000\u102d\u102f\u101a\u103a\u1015\u102d\u102f\u1004\u103a\u101b\u1014\u103a\u101e\u1030\u1010\u103d\u1031\u1016\u103c\u1005\u103a\u101c\u102c\u1010\u102c\u1015\u1032\u104b<\/p>\n\n\n\n<p>\u1000\u102d\u102f\u101a\u1037\u103a 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\u1019\u103b\u102d\u102f\u1038\u1001\u103b\u1005\u103a\u1005\u102d\u1010\u103a\u104a\u1021\u101a\u1030\u101d\u102b\u1012 \u1005\u1005\u103a\u1015\u103d\u1032\u1019\u101f\u102f\u1010\u103a\u1015\u102b\u104b \u101c\u102d\u1019\u103a\u101c\u100a\u103a\u1019\u103e\u102f\u1014\u1032\u1037 \u1012\u1031\u102b\u103a\u101c\u102c\u1010\u103d\u1031\u1019\u103c\u1005\u103a\u1016\u103b\u102c\u1038\u1001\u1036\u1015\u103c\u102e\u1038 \u1016\u103c\u1005\u103a\u1001\u1032\u1037\u1010\u102c\u1015\u102b\u104b<\/p>\n\n\n\n<p>\u2e3b<\/p>\n\n\n\n<p>\u1021\u101b\u102d\u1015\u103a\u101c\u102d\u102f\u1016\u103c\u1005\u103a\u1010\u100a\u103a\u1014\u1031\u1010\u1032\u1037 \u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a<\/p>\n\n\n\n<p>\u1021\u101e\u1005\u103a\u101b\u1032\u1037 \u101c\u102d\u1019\u103a\u101c\u100a\u103a\u1019\u103e\u102f\u1002\u102d\u102f\u100f\u103a\u1038\u1010\u103d\u1031\u101f\u102c \u1021\u102c\u101b\u103e\u104a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1014\u1032\u1037 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\u1000\u103b\u102c\u1038\u1016\u103c\u1014\u1037\u103a \u1014\u103e\u102d\u1019\u103a\u1014\u1004\u103a\u1038\u1016\u102d\u102f\u1037 \u1005\u1001\u1032\u1037\u1015\u1031\u1019\u101a\u1037\u103a \u1000\u103b\u102c\u1038\u1016\u103c\u1014\u1037\u103a \u1000\u103d\u1014\u103a\u101b\u1000\u103a\u1010\u103d\u1031\u1000\u102d\u102f \u1014\u103e\u102d\u1019\u103a\u1014\u1004\u103a\u1038\u1016\u102d\u102f\u1037\u1006\u102d\u102f\u1010\u102c \u1019\u101c\u103d\u101a\u103a\u1015\u102b\u104b \u1002\u102d\u102f\u100f\u103a\u1038\u1010\u103d\u1031\u101f\u102c \u1021\u101c\u103d\u1014\u103a\u1001\u102d\u102f\u1004\u103a\u1019\u102c\u101c\u103d\u1014\u103a\u1038\u1010\u101a\u103a\u104a \u1021\u101c\u103d\u1014\u103a\u1021\u1019\u103c\u1010\u103a\u1021\u1005\u103d\u1014\u103a\u1038\u1019\u103b\u102c\u1038\u101c\u103d\u1014\u103a\u1038\u1010\u101a\u103a\u104b \u101e\u103d\u102c\u1038\u1011\u102d\u1016\u102d\u102f\u1037 \u1021\u101c\u103d\u1014\u103a \u1021\u1014\u1039\u1010\u101b\u102c\u101a\u103a\u1019\u103b\u102c\u1038\u101c\u103d\u1014\u103a\u1038\u1010\u101a\u103a\u104b<\/p>\n\n\n\n<p>\u1021\u1006\u102d\u102f\u1038\u1006\u102f\u1036\u1038\u1000\u1010\u1031\u102c\u1037 \u1000\u103b\u102c\u1038\u1016\u103c\u1014\u1037\u103a \u1021\u1013\u102d\u1000\u1001\u1031\u102b\u1004\u103a\u1038\u1006\u1031\u102c\u1004\u103a\u1021\u1019\u103b\u102c\u1038\u1005\u102f\u101f\u102c CCP \u1000 \u1010\u1000\u101a\u1037\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u101b\u1031\u1038\u101e\u1019\u102c\u1038\u1000\u103c\u102e\u1038\u1010\u103d\u1031\u104a \u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1015\u102d\u102f\u1004\u103a\u1000\u102f\u1019\u1039\u1015\u100f\u102e\u1010\u103d\u1031\u104aBelt and Road \u1005\u102e\u1019\u1036\u1000\u102d\u1014\u103a\u1038\u1010\u103d\u1031\u104a \u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a Fujian\u104a Guangdong\u104a Yunnan \u1010\u103d\u1031\u1019\u103e\u102c\u101b\u103e\u102d\u1014\u1031\u1010\u1032\u1037 \u1010\u101b\u102f\u1010\u103a \u1001\u101b\u102d\u102f\u1014\u102e \u1000\u103d\u1014\u103a\u101b\u1000\u103a\u1010\u103d\u1031\u1014\u1032\u1037 \u1015\u1010\u103a\u101e\u1000\u103a\u1014\u1031\u1010\u101a\u103a\u104b \u1015\u103c\u102e\u1038\u1010\u1031\u102c\u1037 \u1000\u103b\u102c\u1038\u1016\u103c\u1014\u1037\u103a\u1002\u102d\u102f\u100f\u103a\u1038\u1010\u103d\u1031 \u1005\u1001\u1014\u103a\u1038\u1001\u103b\u1011\u102c\u1038\u1010\u1032\u1037 \u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1010\u103d\u1031\u101b\u1032\u1037 \u1021\u1005\u102d\u102f\u1038\u101b\u1021\u101e\u102d\u102f\u1004\u103a\u1038 \u1021\u101d\u102d\u102f\u1004\u103a\u1038\u1010\u103d\u1031\u1014\u1032\u1037 \u1015\u1010\u103a\u101e\u1000\u103a\u1014\u1031\u1010\u101a\u103a\u104b<\/p>\n\n\n\n<p>\u1000\u1032\u2014 \u101b\u103e\u1004\u103a\u1000\u103b\u102d\u1016\u103b\u1004\u103a 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\u1004\u103c\u1004\u103a\u1038\u1010\u101a\u103a\u104b<\/p>\n\n\n\n<p>\u201c\u1021\u1032\u1037\u1010\u102c \u1004\u102b\u1010\u102d\u102f\u1037\u1021\u101b\u102d\u1015\u103a\u1019\u101f\u102f\u1010\u103a\u104a \u1001\u1004\u103a\u1017\u103b\u102c\u1038\u1010\u102d\u102f\u1037 \u1021\u1014\u102c\u1038\u1019\u103e\u102c\u101b\u103e\u102d\u1010\u102c \u1001\u1004\u103a\u1017\u103b\u102c\u1038\u1010\u102d\u102f\u1037\u1021\u101b\u102d\u1015\u103a\u1015\u1031\u102b\u1037\u201d \u1010\u1032\u1037..\u104b<\/p>\n\n\n\n<p>\u1012\u102e\u101c\u102d\u102f\u1004\u103c\u1004\u103a\u1038\u1015\u1031\u1019\u1032\u1037..\u104b<\/p>\n\n\n\n<p>\u2e3b<\/p>\n\n\n\n<p>\u1012\u102e\u101c\u102d\u102f\u1004\u103c\u1004\u103a\u1038\u1015\u1031\u1019\u1032\u1037..\u104b<\/p>\n\n\n\n<p>\u1004\u103d\u1031\u1010\u103d\u1031\u1000 \u1018\u101a\u103a\u1010\u1031\u102c\u1021\u102f\u1015\u103a\u1011\u1032\u1000\u102d\u102f \u1018\u101a\u103a\u101c\u102d\u102f\u1016\u103c\u1010\u103a\u1015\u103c\u102e\u1038 \u1018\u101a\u103a\u101c\u102d\u102f\u1014\u100a\u103a\u1038\u1014\u1032\u1037 \u1015\u103c\u1014\u103a\u1015\u1031\u102b\u103a\u101c\u102c\u1015\u102b\u1005\u1031 \u1015\u103b\u1031\u102c\u1000\u103a\u101e\u103d\u102c\u1038\u1010\u102c\u1019\u103e \u1019\u101f\u102f\u1010\u103a\u1010\u102c\u104b<\/p>\n\n\n\n<p>\u1004\u103d\u1031\u1019\u103e\u102c \u1019\u103e\u1010\u103a\u1009\u102c\u100f\u103a\u101b\u103e\u102d\u1010\u101a\u103a\u104b<\/p>\n\n\n\n<p>\u101e\u1004\u103a\u1039\u1001\u103b\u102c\u101c\u1031\u104b<\/p>\n\n\n\n<p>\u1021\u1032\u1037\u1010\u102c \u101e\u1004\u103a\u1039\u1001\u103b\u102c\u1015\u1032\u104b<\/p>\n\n\n\n<p>\u2e3b<\/p>\n\n\n\n<p>\u1001\u103b\u1005\u103a\u1001\u103c\u1004\u103a\u1038\u1019\u1031\u1010\u1039\u1010\u102c\u1016\u103c\u1004\u1037\u103a\u2014<\/p>\n\n\n\n<p>\u1019\u101b\u103d\u103e\u1031\u1019\u102d\u102f\u1038- \u1000\u102d\u102f\u101b\u102e\u1038\u101a\u102c\u1038<\/p>\n\n\n\n<p>November 22nd,2025<\/p>\n\n\n\n<p><a href=\"https:\/\/www.facebook.com\/hashtag\/mashwemorekorea?__eep__=6&amp;__cft__[0]=AZVWvNBnKxOgQ5a2EwmHwsCuJd8-f_ODrZPvWbXr-jPEOay5JzAzj98JaoY22Ntmh9idHoKu7zEyJvcQkygp3GpeMZPM8giISPD8a3AVtaMP_YwyOFbCMaTFd6ZGmPd1qAotiil46YaKLZTGCZGTCP1QP8tDz1XNXDtkr4EREMuoil_u8D9cug4AkBuB2-HDfanaPOJefYqOuwHShxTPnPdI&amp;__tn__=*NK-R\">#MaShweMoreKorea<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chinese Shadow Liquidity and the Scam Economy by&nbsp;Adam Rousselle&nbsp;September 3, 2025&nbsp; A soldier stands guard as workers cover their faces while authorities raid the offices of Central One, an alleged scam hub masquerading as a call center company, on Oct. 31, 2024, in Bagac, Philippines. (Photo by Ezra Acayan\/Getty Images) The explosive rise of Southeast [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3981,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,2,10,16],"tags":[],"class_list":["post-3980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-international-news","category-news","category-opinion"],"_links":{"self":[{"href":"https:\/\/myanmarmuslim.news\/en\/wp-json\/wp\/v2\/posts\/3980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/myanmarmuslim.news\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myanmarmuslim.news\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myanmarmuslim.news\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/myanmarmuslim.news\/en\/wp-json\/wp\/v2\/comments?post=3980"}],"version-history":[{"count":2,"href":"https:\/\/myanmarmuslim.news\/en\/wp-json\/wp\/v2\/posts\/3980\/revisions"}],"predecessor-version":[{"id":3986,"href":"https:\/\/myanmarmuslim.news\/en\/wp-json\/wp\/v2\/posts\/3980\/revisions\/3986"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myanmarmuslim.news\/en\/wp-json\/wp\/v2\/media\/3981"}],"wp:attachment":[{"href":"https:\/\/myanmarmuslim.news\/en\/wp-json\/wp\/v2\/media?parent=3980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myanmarmuslim.news\/en\/wp-json\/wp\/v2\/categories?post=3980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myanmarmuslim.news\/en\/wp-json\/wp\/v2\/tags?post=3980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}