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Gucci counterfeiting ring about to crack as US judge orders Bank of China to hand over details

Landmark ruling on accounts used by Gucci counterfeiters threatens sovereignty, lenders say

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A Chinese counterfeiting ring, with accounts in US-based Bank of China branches, has allegedly sold millions of dollars of fake Gucci handbags and wallets in the US. Photo: SCMP Pictures

A New York judge has ordered the Bank of China to hand over detailed information about Chinese bank accounts used by a counterfeiting ring that allegedly sold millions of dollars of fake Gucci handbags and wallets in the United States.

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The decision could have far-reaching impact on the ability of US courts to extract information about criminal activity from Chinese banks, which serve as safe havens for counterfeiters and money laundering on a large scale, investigations and lawsuits in the US and Europe show.

Chinese banks have put up a fierce fight, claiming that such disclosures would be an affront to China’s sovereignty.

The case has drawn political attention from both sides, prompting inputs from both the Chinese Embassy in Washington and the US Justice Department.

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At stake are fundamental questions about whose rules the Chinese banks in the US should be following.

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