China's Ministry of Public Security’s Economic Crime Investigation Bureau and the National Financial Regulatory Administration’s Inspection Bureau have jointly deployed a new round of coordinated enforcement action against illegal ‘black and grey industry’ activity in the financial sector, aiming to curb illegal financial intermediaries, safeguard financial market order, and protect consumers. The initiative is designed to pair strong criminal enforcement with efforts to improve financial services to reduce the conditions that allow such activity to proliferate, building on a ‘specialisation + mechanisms + big data’ policing model. Priority targets include illegal deposit and loan intermediaries, illegal online lending platforms and loan-assistance institutions, illegal insurance agency intermediaries, and improper credit-card ‘anti-collection’ intermediaries; authorities also called for deeper tracing of criminal chains and controllers, stronger cross-departmental and cross-regional coordination (including leads-sharing mechanisms), and expanded public prevention messaging. In the first campaign run from June to November 2025, police opened and investigated more than 1,500 cases, dismantled more than 200 professional criminal groups, and reported a cumulative amount involved of nearly CNY 30 billion.
China Banking and Insurance Regulatory Commission 2026-04-03
China's National Financial Regulatory Administration and Ministry of Public Security launch new coordinated crackdown on financial black and grey industry crime
China’s Ministry of Public Security’s Economic Crime Investigation Bureau and the National Financial Regulatory Administration’s Inspection Bureau have launched a new coordinated enforcement campaign against illegal “black and grey industry” activity in the financial sector to curb illegal intermediaries, safeguard market order, and protect consumers. Combining criminal enforcement with measures to improve financial services, it targets illegal deposit and loan intermediaries, online lending platforms, insurance agency intermediaries, and improper credit-card “anti-collection” intermediaries, supported by big data policing and enhanced cross-departmental coordination. In the first campaign from June to November 2025, authorities opened over 1,500 cases, dismantled more than 200 professional criminal groups, and reported nearly CNY 30 billion involved.