Malaysiakini

Hong Kong residents shift billions to Canada after clampdown

Reuters

Published
Modified 26 Mar 2021, 2:20 am

As China imposed a sweeping national security law in Hong Kong last year after massive protests, residents of the city moved tens of billions of dollars across the globe to Canada, where thousands are hoping to forge a new future.

Capital flows out of Hong Kong banks reaching Canada rose to their highest levels on record last year, with about C$43.6 billion (US$34.8 billion) in electronic funds transfers (EFT) recorded by Fintrac, Canada’s anti-money laundering agency, which receives reports on transfers above C$10,000.

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