防範跨境併購的洗錢風險

中國外匯

ID:china-forex

防範跨境併購的洗錢風險

Preventing Money Laundering Risks in Cross-border Mergers and Acquisitions

文/姚影 翻譯/魏凌波（中國外匯）

隨著經濟金融全球化進程的加快，為契合產業轉型升級的需要，越來越多的中國企業通過收購海外公司，提升參與國際市場競爭的綜合實力。根據湯森路透的統計，2017年中國跨境併購交易數量達866宗、交易金額為1419億美元。中國已成為全球跨境併購中最大的收購國。中國企業在跨境併購中也呈現出新的特點，特別是併購主體中出現了越來越多的民營企業，民營上市公司通過「走出去」併購海外優質資產的交易數量佔比大幅攀升。目前，我國資本項目外匯管理採取審批、備案或登記制度，監管體系較為完善，但在資金跨境流動中仍潛藏著一些洗錢、恐怖融資、逃稅等非法資金流動，對我國正常的金融、稅收秩序，乃至宏觀經濟環境，均造成了不利影響。因此，有效識別跨境併購交易的洗錢風險並做到全面監測和有效監管，對於維護國家金融安全十分重要。

With the acceleration of economic and financial globalization, more and more Chinese corporations have acquired overseas companies in order to improve their overall competitiveness in the international market. At the same time this trend has been driven by the government』s drive to transform the economy and upgrade domestic industry. According to statistics from Thomson Reuters, there were 866 cross-border mergers and acquisitions involving Chinese companies in 2017 with the transaction volume reaching US$141.9 billion.

China has become the largest player in cross-border mergers and acquisitions in the global arena. Moreover, private enterprises have taken a more prominent role in these transactions. Listed non-state enterprises have significantly increased their stakes in quality offshore assets as part of a national policy that encourages companies to 「go global.」 At present, China』s foreign exchange management for capital account items calls for examination and approval as well as registration. The regulatory system is relatively comprehensive, but in some cases there is money laundering, terrorist financing, or tax evasion, hidden cross-border flows of funds. This poses a threat to normal financial transactions and the collection of taxes as well as China』s macroeconomic environment. Effectively identifying money-laundering risks in cross-border mergers and acquisitions transactions and conducting comprehensive monitoring and effective supervision are of great importance in maintaining national financial security.

案例解析

Case Analysis

一般來說，跨境併購交易金額較大，多數採用現金支付，一些非法機構會利用跨境資金監管的薄弱渠道或包裝成跨境併購交易來達到洗錢的目的。下面結合案例說明跨境併購交易中的洗錢模式。

In general, cross-border mergers and acquisitions transactions are relatively large, and frequently involve cash payments. Some illegal organizations use less supervised channels or engage in money laundering in the name of cross-border mergers and acquisitions transactions. The following case of money laundering in a cross-border acquisition serves an example. (The companies involved have not been identified by name).

A公司為境內某新材料生產企業，B公司、C公司分別為A公司在開曼群島、英屬維爾京群島設立的全資子公司。B公司為境外原材料採購中心，向A公司提供原材料。C公司為產業鏈下游企業，A公司50%產品出口銷售給C公司。C公司與A公司之間應收賬款較少，多數以現金交易。為了資金周轉需要，A公司有意出售其持有的B公司100%股權。但財務數據顯示，B公司註冊資本僅3000萬元人民幣，銷售收入1.5億元人民幣，凈利潤為負，尚處於虧損狀態。從併購視角看，B公司盈利能力較差，估值不會過高。但出人意料的是，D公司作為單一LP投資的私募股權基金，以3000萬美元（以匯率6.3:1計算，摺合人民幣1.89億元）溢價併購B公司的股權，併購對價超過B公司註冊資本的5倍。經核查，D公司與A公司存在隱蔽型關聯關係，該併購交易存在明暗合同問題，不排除溢價併購中存在非法資金利用併購估值定價機制不健全、乘機將資金換匯外逃的問題。同時，A公司通過在開曼、英屬維爾京等多個避稅地註冊多個殼公司，形成層層交錯的控股關係，開展關聯交易，實現資金流動並漂白。

Company A is a domestic manufacturer of new materials. Company B, registered in the Cayman Islands, and Company C, registered in the British Virgin Islands, are wholly-owned subsidiaries of Company A. Company B is an overseas raw materials procurement center that supplies raw materials to Company A. Company C is a downstream company in the industrial chain. 50% of Company A』s products are exported to Company C. There are a few account receivables between Company C and Company A, but most of the business is conducted in cash.

Company A intends to sell its 100% equity stake in Company B due to cash flow needs. However, according to available financial data, Company B』s registered capital is only 30 million yuan, sales were 150 million yuan and it had a net loss. The valuation should not have been high but surprisingly, Company D, a limited partnership that invests in private equity funds, offered US$30 million (equivalent to 189 million yuan when calculated at the exchange rate of 6.3 yuan to US$1). That was five times Company B』s registered capital, a substantial premium for this company. Due diligence uncovered hidden contracts between Company D and Company A. It was suspected that the premium in the acquisition actually included some funds that represented capital flight. At the same time, Company A registered a number of shell companies that had complex interlocking relations with each other in many tax havens, such as the Cayman Islands and the British Virgin Islands. There were related-party transactions that appeared to be merely for the movement of capital and money laundering.

在上述案例中，標的公司估值是整個併購交易的核心。在採取競標流程的跨境併購交易中，如果賣方估值遠超過市場公允價格，而買方仍然願意以全現金對價、無銀行融資的方式支付，其中就可能隱藏著洗錢風險。此外，通過設計複雜的交易結構，借道避稅天堂等方式繞開ODI審查，也是洗錢的一種途徑。避稅天堂通過低稅率或零稅率手段並輔以寬鬆的監管等方式，吸引了外來資金的國家和地區。這些國家和地區往往建立了嚴格的銀行保密制度，使得外來資金不透明。

In the above case, the valuation of the target company is the core of the acquisition. In the bidding process of cross-border mergers and acquisitions, if the seller』s valuation far exceeds a fair market price, and the buyer is still willing to pay in cash with no bank financing, there is often a risk of money laundering. In addition, bypassing overseas direct investment review by designing a complex transaction using tax havens is often a means of laundering money. The tax haven attracted foreign capital through low-tax or zero-tax policies accompanied by loose regulations. These countries and territories often establish strict bank secrecy systems, making it difficult to learn the source of the external funds.

風險特徵

Risk Characteristics

一般認為，跨境併購洗錢的渠道包括現金走私、替代性匯款、經常項目下交易、資本項目下投資、信用卡套現、離岸金融中心、海外直接收受以及通過在境外的特定關係人轉移資金等幾種模式。其中，跨境併購交易是不法機構通過資本項目下投資達到洗錢目的的一種重要方式。如果跨境併購交易存在以下一種或幾種特徵，銀行則有必要進行詳盡的反洗錢盡職調查。

Money laundering channels in cross-border mergers and acquisitions include cash smuggling, alternative remittances, transactions under the current account, investment under the capital account, cash outflows from credit cards, offshore financial centers, direct overseas receipts, and the transfer of funds through specific relationships abroad. Cross-border mergers and acquisitions are an important tool used by unscrupulous institutions to achieve money laundering through investment under the capital account. If a cross-border M&A transaction displays one or more of the following characteristics, it is necessary for the bank involved in the transaction to conduct a detailed anti-money laundering due diligence investigation.

一是虛構跨境併購背景。跨境併購對保密性的要求很高，且通常採取全現金交割方式，這成為非法機構借道隱藏資金真實來源和最終控制人的保護傘。同時，跨境併購交易速度較快，便於非法資金快速流動，而且存在抬高估值、暗箱操作等現象，不排除黑錢利用低買高賣、構建併購交易、支付併購傭金等方式，漂白資金的可能性。

First, cross-border mergers and acquisitions require a high degree of confidentiality, which often means full cash delivery. Thus it is necessary to conceal the true source of funds and the ultimate controller of a company. At the same time, the transactions must be completed quickly to facilitate the rapid flow of illegal funds. Moreover, there are over-valuations and so-called black-box operations.

二是併購標的估值明顯失真。在我國，股權收購的定價和評估機制模糊，缺乏客觀、合理的評估標準，跨境溢價併購存有較大的操作空間，併購對價支付中通過實際交易價格遠高於其權益凈值的方式即能夠將大量資金引入境內或引出境外，容易成為大額黑錢披著合法外衣乘機而入的渠道。

Second, the stated value of the acquisition target is problematic. In China, the pricing and evaluation mechanism of equity acquisitions are vague and lacking in reasonable and objective assessment criteria. Cross-border premium mergers and acquisitions have great flexibility. The actual transaction price can be much higher than the target』s net equity value, which can help move capital and facilitate money laundering.

三是跨境併購交易結構過於複雜，在避稅中間國嵌套多層結構。利用離岸金融中心向境外轉移資產的模式就經常被利用，操作模式分為兩步：首先是在離岸中心設立境外皮包公司、信箱公司等，其次境內的公司高價向這些境外空殼公司購買原材料、設備等，以很低的價格向這些公司出售貨物，或者是國內出口企業將貨物賣給空殼公司，形成大量應收帳款。在將資產轉移至境外後，再另外註冊匿名的離岸公司，用少量資金對原有的境內企業實施併購，將「偷盜」行徑抹凈。

Third, cross-border mergers and acquisitions transactions can be highly complex, often using a multi-tiered structure to avoid taxes. Offshore financial centers are also commonly used to transfer assets abroad. There are generally two steps – the first being to set up a shell company in the offshore center. The second is the domestic company buys raw materials, equipment or other items at high prices from the offshore company. Later the domestic company sells the goods at a low price to the offshore company or a domestic exporter sells the goods to the same company, thus creating a large volume of account receivables. When assets are transferred overseas, another anonymous offshore company is registered to use a small portion of the assets for the acquisition, thereby disguising the laundering of funds.

四是併購回收現金能力強的境外標的公司。通過跨境併購交易進行洗錢的案例有個共同特點，就是併購標的回收現金的能力相對來說比較強，比如貿易公司、體育俱樂部、酒店等。如果企業或者某個領域能夠經常和現金打交道，涉嫌洗錢的可能性比較大，不排除收購這些境外資產是為了洗錢或轉移資產。從近些年的實際情況看，確有一些企業高頻、大額收購境外房地產、酒店、影城、娛樂業、體育俱樂部等回收現金能力較強的標的公司，這些非理性的對外投資行為或多或少都有洗錢、轉移資產的嫌疑。

Fourth, companies with strong cash recovery abilities, such as trading companies, sports clubs, film studios, real estate and hotels are prime targets for money laundering through cross-border mergers and acquisitions. In recent years, some companies have made frequent large-scale acquisitions in these areas. Some of the apparently irrational overseas investment activities may be related to such asset transfers and money laundering and asset transfer.

上述提到的風險特徵，為有效識別跨境併購交易中的洗錢風險提供了理論依據。

The aforementioned risk characteristics provide a theoretical basis for effectively identifying money laundering risks in cross-border mergers and acquisitions transactions.

防範措施

Precautions

銀行在辦理跨境人民幣資金池、結售匯、跨境併購融資等業務時，不僅要加強對洗錢風險特徵的識別，還應採取多種手段有效防範洗錢風險。

When dealing with cross-border renminbi pools, foreign exchange settlements, and the financing of cross-border mergers and acquisitions, banks must strengthen the identification of the risk characteristics of money laundering and adopt measures to prevent this kind of illegal activity.

首先，銀行應確保跨境併購業務審批手續齊備。跨境併購投資主體應取得發改委、商務部等主管境外投資部門的審核，以及外匯管理部門的批准。發改委是境外投資審核的關鍵部門，境內併購方直接開展的跨境併購項目在實施前需經過發改委核准或備案同意；對於境內非金融機構開展的跨境併購，還需報送商務部門進行核准或備案。屬於核准、備案管理範圍的跨境併購項目，境內併購方在未取得有效核准文件或備案通知書之前，無法辦理外匯管理相關手續，銀行也不能辦理相關資金結算和融資業務。

First, banks should ensure that approval procedures for cross-border mergers and acquisitions are in place. Cross-border mergers and acquisitions need the approval of the overseas investment department of the National Development and Reform Commission and the Ministry of Commerce, as well as foreign exchange authorities. The National Development and Reform Commission is a key department for overseas investment review. Cross-border mergers and acquisitions undertaken directly by domestic parties need to be registered if not approved before implementation. For cross-border merger and acquisition projects that fall within the scope of approval and filing requirements, foreign exchange management procedures cannot be undertaken without the completion of these requirements. Banks also cannot begin related fund settlement and financing procedures until these preliminary steps are completed.

其次，應加強對主體資格、併購交易背景和資金用途真實合規性的審核。應重點審核跨境併購投資主體的設立是否符合境外投資的管理規定，核實併購資金是否應用於併購方在境外支付併購交易價款及相關費用，防止併購方用併購資金支持併購業務以外的任何交易，更不允許其構造交易背景進行套利或其他形式的投機性交易。此外，在為客戶辦理境外直接投資登記和資金匯出手續時，除要求客戶向銀行提交相關審核材料外，還應要求其提供投資資金來源與資金用途的情況說明，以及董事會決議、合同或其他真實性證明材料。

Second, banks need to strengthen their ability to conduct verification of the transaction and legal compliance. Banks need to focus on reviewing whether the acquisition target complies with management regulations, and verify whether the funds are used to pay for the stated transaction. Funds should not be used for other purposes. Funds cannot be used for arbitrage or other forms of speculative trading. In addition, in the process of foreign direct investment registrations and fund remittances for customers, banks should require customers to submit relevant supporting documents.

第三，強化大額交易和可疑交易報告管理制度。銀行應根據相關規定，對當日單筆或累計交易（包括現金繳存、現金支取、現金結售匯、現鈔兌換、現金匯款、現金票據解付及其他形式的現金收支）達人民幣5萬元以上，外幣等值1萬美元以上的，向監管部門報備。同時，銀行應自主建立健全交易監測標準，加強相關係統建設，切實提高大額交易和可疑交易報告工作的有效性，積極履行反洗錢監管義務。針對中國企業對外投資併購所涉及的跨境大額轉賬現金交易，銀行應要求企業出示詳盡的投資收購合同等相關材料。對於在自貿區設立的自由貿易賬戶（即FT賬戶），銀行也應了解該企業的業務模式、投資證書等，在盡職調查三大操作原則的基礎上，對跨境資金流動進行反洗錢核查。任何無法證明資金來源合法、或難以證實資金出海實際用途的跨境大額現金轉賬交易，都應從嚴審查。

Third, banks need to strengthen the management of their system for reporting large or suspicious transactions. Banks should, in accordance with relevant regulations, report to authorities single or accumulated transactions of more than 50,000 yuan or foreign currencies of more than US$10,000 on a single day. This applies to cash deposits and withdrawals, foreign exchange settlements and exchanges, remittances, bill settlements and other forms of cash payments and receipts. At the same time, banks should independently establish and improve transaction monitoring standards and actively carry out their anti-money laundering supervision responsibilities. For large cross-border cash transfers involving Chinese companies investing in foreign companies, banks should require companies to submit detailed investment purchase contracts and other related materials. For a free trade account set up in a free trade zone, banks need to understand the business model and examine the investment certificate and other company documents. Any large cross-border cash transfer that fails to provide evidence of a legal source of funding and the actual use of the funds offshore should be scrutinized.

第四，銀行在為國內企業辦理跨境併購融資時，應審慎介入周期性行業及跨行業境外併購項目，要綜合考慮併購方的資信狀況、經營管理能力、財務穩健性、自籌資本金充足情況，以及併購標的的市場前景、未來盈利、國別風險、併購協同效應等因素，充分考慮併購過程中的交易操作風險和業務整合風險。此外，在支持中國企業「走出去」時，銀行還應在信用風險、國別風險、合規風險等方面加強管理，提高自身的跨境金融服務能力。

Fourth, banks should prudently intervene in offshore mergers and acquisitions projects in cyclical industries. They should consider the credit status, management capabilities, market prospects, financial soundness, self-financing capacity of the parties, market prospects, future profitability and national risks. In addition, the trading operation risks and business integration risks should be fully considered. Moreover, when supporting Chinese enterprises going global, banks should strengthen management in terms of credit risk, country risk, and compliance risk, in order to improve their cross-border financial service capabilities.

政策建議

Policy Suggestions

經過多年發展，我國反洗錢監管基本實現了對銀行業、證券業、保險業、非銀行支付機構等金融領域的全覆蓋，金融體系反洗錢工作在識別和協助打擊洗錢方面成效顯著。但洗錢手法的不斷變化和「創新」，也給我國的反洗錢工作提出了更加嚴峻的挑戰，需要社會各方協力，進一步提升反洗錢監管的水平。

After years of development, China』s anti-money laundering supervision has basically achieved full coverage in banking, securities, insurance, and non-bank payment institutions. Significant results have been made in assisting anti-money-laundering campaigns. However, increasingly sophisticated money laundering practices pose severe challenges to China』s anti-money-laundering efforts. The cooperation of all segments of society at large have a role to play in enhancing anti-money-laundering efforts.

一是創新監管模式、完善監管手段。隨著洗錢等非法資金活動的不斷演變，反洗錢監管工作必須適應新形勢，不斷擴大監管範圍、創新監管模式、完善監管手段、堵塞監管漏洞。要強化法人監管措施，優化監管政策傳導機制，突出反洗錢義務機構法人總部的重要作用。在法人總部層面，要強化董事、監事、高級管理層的反洗錢履職責任，督促反洗錢義務機構加強自我管理、自主管理，建立對新產品、新業務的洗錢風險評估機制，根據風險水平採取有效的防控措施。

First, it is necessary to improve the regulatory model. The deterrence of money-laundering requires the continuous expansion of supervision and improved methodologies. At the corporate headquarters level, it is necessary to strengthen the anti-money-laundering responsibilities of directors, supervisors, and senior management members. Self-management needs to be enhanced. Effective prevention and control measures need to be taken based on relative risk levels.

二是加強監管部門與金融機構之間的協調配合。一方面，監管機構應進一步發揮牽頭管理的職能，強化對金融機構准入環節的合法性審查，加強反洗錢的日常合規監管，在行業監管規則中嵌入反洗錢相關要求，構建涵蓋事前、事中和事後的完整監管鏈條。另一方面，金融機構要貫徹落實好監管部門的要求，持續開展預防、打擊利用離岸公司和地下錢莊轉移贓款的專項行動。監管部門與金融機構之間統籌協調、相互配合，聯手對洗錢犯罪活動開展集約、深度、全鏈條打擊。

Second, it is necessary to is to strengthen coordination among the various regulatory agencies and financial institutions. Regulators should take the lead in supervisory management, strengthen daily compliance supervision of anti-money-laundering efforts, include anti-money-laundering requirements in industry regulatory rules, and build a comprehensive supervisory chain. Financial institutions must implement the requirements of regulatory authorities and continue to carry out special actions to prevent and crack down on illegal money transfers by offshore companies and underground banks. Supervisory departments and financial institutions should coordinate with each other and work together to carry out intensive, in-depth, efforts to control criminal activities in this area.

三是加強反洗錢監測分析工作。要完善反洗錢調查工作流程、優化調查手段，加強洗錢類型分析和風險提示，不斷完善各類資金交易監測分析模型。同時，要加強相關執法機關之間的溝通協調，進一步完善可疑交易線索合作機制，建立順暢的情報信息雙向共享渠道。要加強情報會商，建立信息反饋機制，根據線索的使用反饋情況進一步優化反洗錢監測和調查的方法和技術。要依法加強對洗錢和恐怖融資犯罪的偵查、起訴和判決，加大對各類犯罪資產、收益和工具沒收的力度。

Third, it is necessary to strengthen anti-money-laundering monitoring and analysis. It is essential to improve investigation procedures and strengthen analysis of the various types of money laundering. At the same time, it is necessary to strengthen communication and coordination among law enforcement agencies, improve the cooperation mechanism for suspicious transactions and establish a smooth channel for the sharing of intelligence information. It is necessary to strengthen the investigation, prosecution, and judgment of money laundering and terrorist financing crimes in accordance with the law, and step up the ability to confiscate all kinds of criminal assets, proceeds and tools.

四是健全反洗錢數據信息共享機制。具體包括：探索研究反洗錢數據信息共享標準，明確各部門向反洗錢部門提供數據的責任和使用反洗錢相關數據的許可權；建立相關部門間安全電子化線路，加強數據收集、保存和使用過程中的保密管理和技術防範措施；拓展反洗錢監測分析數據信息來源，同時依法加強反洗錢監測數據對宏觀管理、行政執法、反洗錢監管調查等工作的支持；建立反洗錢工作統計指標體系，形成統計信息匯總、分析和使用機制。

Fourth, it is necessary to improve the anti-money-laundering data sharing mechanism. More attention should be given to researching anti-money-laundering sharing standards, and relevant departments need to be aware of their own responsibilities in data sharing. Electronic networks need to be in place to process data in a confidential manner. Data collected needs to be put to good use in macroeconomic management as well as law enforcement. The establishment of a statistical monitoring index is needed.

五是加強合規文化建設。中國企業和金融機構在加快「走出去」步伐的同時，需要嚴格遵守各國反洗錢法律和國際標準。部分發達國家三反工作起步較早，法律制度各有不同，個別國家監管處罰力度較大，近年來已有多家跨國銀行因違反所在國有關法律受到巨額處罰。中資金融機構作為國際金融市場的後來者，應當引以為戒，高度重視對洗錢、恐怖融資、逃稅風險的控制和合規工作，堅持依法合規經營，全面加強合規文化建設，堅決守住反洗錢風險防範的底線。

Fifth, it is necessary to strengthen the culture of compliance. Chinese enterprises and financial institutions need to strictly abide by anti-money-laundering laws and international standards as they seek to go global. In some developed countries, such anti-money-laundering efforts have had a significant head start. Their legal systems were in place before China began its own campaign and they have considerably heavier penalties. In recent years, many multinational banks have been subjected to substantial penalties for violating such laws. As a latecomer to the international financial market, Chinese financial institutions should keep these lessons in mind and ensure they help in anti-money laundering efforts as well as the thwarting of terrorist financing and tax evasion. We also need to foster the culture of compliance and firmly hold on to the bottom line of anti-money-laundering risk prevention.

跨境反洗錢監管是一項重要的國家職責，在遏制和打擊經濟犯罪，維護經濟金融秩序和社會安全穩定等方面，具有特殊的戰略地位。同時，積極承擔國際反洗錢義務，也是我國作為負責人大國義不容辭的責任。在跨境併購活動中，社會各方主體應做好洗錢風險防範，遏制違法違規行為，以有效維護國家金融安全和外匯管理秩序。

Cross-border anti-money-laundering regulation is an important national responsibility. It has a strategic role in deterring economic crimes, safeguarding the economic and financial order, and ensuring social stability. At the same time, as a responsible national power, it is necessary for China to actively shoulder its responsibilities in international anti-money-laundering efforts. In cross-border mergers and acquisitions, precautions against money laundering risks need to be taken to safeguard national financial security and ensure successful foreign exchange management.

本文發表在《CHINA FOREX》2018年第2期

作者單位：工商銀行總行投資銀行部

The author is from the Investment Banking Department of the Head Office of Industrial and Commercial Bank of China

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