香港天际线一景，北面正对中国内地。

Hong Kong skyline one scene,The north is to the Chinese mainland.

　　严穗陵一案以及价值200万美元的人民币最终如何流入香港让我们得以近观一个现象，即香港如何成为资金流出中国内地的合法避风港。

YanSui ling a case and $2 million yuan finally to flow in Hong Kong allows us to close a phenomenon,The Hong Kong how to become capital outflow mainland China legal haven.

　　严穗陵2009年在香港被判洗钱罪名成立，并在香港一家监狱服刑。今年早些时候她被免除了这一罪名，因为她提出，其行为虽然根据内地法律属于违法，但在香港是合法的。

YanSui ling in 2009 in Hong Kong was sentenced to money laundering convicted,And in a Hong Kong prison.Earlier this year she was from such a crime,Because she offered,Their behavior while according to the mainland law belong to illegal,But in Hong Kong is legal.

　　严穗陵通过一家地下钱庄将资金从内地转移出境。在中国内地，运营地下钱庄属非法行为，但香港高等法院认为这些地下钱庄（有时也被称作汇款代理人）是香港这个前英国殖民地自由市场体系的合法组成。在香港，资本流动几乎不受约束。

YanSui ling through a underground Banks will funds from the mainland transfer exit.In mainland China,Operation of underground Banks illegal behavior,But Hong Kong's higher court ruled that the illegal private bank(Sometimes also known as remittance agent)Is Hong Kong, a former British colony of a free market system of legal.In Hong Kong,Capital flow is almost not affected by constraint.

　　华尔街日报(博客,微博)根据政府有关贸易、外汇和投资的统计数据计算发现，近来内地个人向境外汇款的规模越来越大，去年达到2250亿美元。但中国内地的资本管制条例规定，个人一年向境外汇出的资金数量不得超过5万美元。

The Wall Street journal(blog,Micro bo)According to relevant government trade/Foreign exchange and investment statistics calculation found,Recently the mainland individual to the size of the overseas remittance is more and more big,Last year to $225 billion.But the Chinese mainland capital controls regulations,One year the amount of money to the overseas remittance shall not exceed $50000.

　　据香港大学比较法与公法研究中心(Centre for Comparative and Public Law at Hong Kong University)总监杨艾文(Simon Young)介绍，由于香港法律和金融体系与内地不同，香港因此成为绕开上述限制的一个重要地点。严穗陵一案正是体现了这一点。严穗陵通过其律师拒绝置评。有关此案的具体细节是记者通过香港法院文件搜集到的（其中包括初等法院2009年对此案的裁决）。

According to the university of Hong Kong comparison method and public law research center(Centre for Comparative and Public Law at Hong Kong University)Director YangYiWen(Simon Young)introduce,Because of the laws of Hong Kong and the mainland financial system and different,Hong Kong therefore become steer clear of the above limitations of an important place.YanSui ling a case is reflected in this.YanSui ling through his lawyer declined to comment.The details of the case is reporter through the Hong Kong court documents collected(Including elementary court 2009 years to the case of the award).

　　上诉法院法官陈述的事实摘要显示，科班会计出身的严穗陵在华南地区通过卖保险、安利(Amway)产品并与母亲在广州经营三家餐馆发了点小财。这些摘要是基于检察官和辩护律师在庭审时提供的证据汇集而成。严穗陵的律师提交的证据显示，她想将部分资金汇出境，尤其是想投资香港的股票市场。

The appeal court judge the facts stated by the display,Regular professional accounting was born in south China YanSui ling by selling insurance/amway(Amway)Products and with her mother in guangzhou management three restaurants hair a little money.These are based on the prosecutors and defense lawyers in the trial evidence collection and become.YanSui ling lawyer submit evidence to show that,She wants to will be part of the money exchange exit,Especially want to invest Hong Kong stock market.

　　严穗陵的律师在庭审时提交的证据显示，她就如何将资金汇出境一事咨询了她在内地的银行深圳市商业银行。银行客户经理Ting Chi Ming帮她转移了数次资金。后来Ting Chi Ming将严穗陵介绍给自己的妻子Chu Kwan Kwan。香港法院文件将Chu Kwan Kwan称作Madam Chu。

YanSui ling lawyer in the trial of the evidence submitted when,She is how to collect money by her leave the consultation in the mainland bank shenzhen commercial bank.Bank customer manager Ting Chi Ming diverted funds to help her several times.Then Ting Chi Ming will YanSui ling introduced to his wife Chu Kwan Kwan.Hong Kong court documents will be called Madam Chu Chu Kwan Kwan.

　　记者无法联系Ting Chi Ming或Chu Kwan Kwan置评。2007年收购深圳市商业银行的中国平安(601318,股吧)保险（集团）股份有限公司(Ping An Insurance (Group) Co. of China)的代表没有回复记者的置评请求。Ting Chi Ming、Chu Kwan Kwan和深圳市商业银行三方在庭审时均未露面或出庭作证，在香港法院均未遭到犯罪指控。

Reporters can't contact Ting Chi Ming Chu Kwan Kwan or could not be reached for comment.2007, with the purchase of the shenzhen commercial bank, China's peace(601318,guba)insurance(group)Co., LTD.(Ping An Insurance (Group) Co. Of China)Representative didn't return a request could not be reached for comment.Ting Chi Ming/Chu Kwan Kwan and shenzhen commercial bank three parties in the trial were not show up or when testifies,In the courts of Hong Kong by criminal charges were not.

　　据香港法官援引的辩方提交的证据显示，Chu Kwan Kwan经营一家地下钱庄。法官说，这家钱庄会将希望把资金非法汇入中国的客户和那些希望把资金非法汇出中国的客户进行匹配。每一方都会在彼此账户存入资金，其中一个户头在内地，一个在香港。由于资金没有实际跨境，因此监管机构难以追踪资金走向。

According to Hong Kong's the judge quoted the defense submit evidence to show that,Chu Kwan Kwan running a underground.The judge said,The bank will hope the money illegally into the Chinese customers and those who wish to put money illegally export Chinese customers matching.Each party will be in each other to deposit funds into my account,One of the account in the mainland,A in Hong Kong.Due to the funds are not actual cross-border,Therefore it hard for regulators to track funds.

　　法院说，在严穗陵操作的一笔交易中，Chu Kwan Kwan指示她将人民币300万元（约合48万美元）以一个陌生人的名义存入内地一家银行。这个陌生人也是Chu Kwan Kwan的客户。

The court said,In YanSui ling operation in a deal,Chu Kwan Kwan indicating she will be RMB 3 million yuan(Us $480000)To a stranger in a bank in the name of the mainland.The stranger is Chu Kwan Kwan customers.

　　同一天，这位陌生人将相当于人民币300万元的港元支票存入严穗陵在汇丰银行(HSBC)香港分支机构的账户上。汇丰银行不予置评，该行未被指控不当行为。

On the same day,The stranger will be equivalent to RMB 3 million hk dollar check into YanSui ling in the HSBC bank(HSBC)Hong Kong branch account.HSBC bank no comment,The bank has not been charged with misconduct.

　　这笔资金实际上并没有跨境，但两边客户实际上将资金从一个司法管辖区转移至另一个，规避了上述5万美元的汇出限制。

The money didn't actually cross-border,But both sides will customer actual money from one jurisdiction transfer to another,To avoid the above $50000 of export restrictions.

　　法庭文件显示，从2007年到2009年，严穗陵通过这种方法汇出逾200万美元到香港以投资股市。

Court documents show,From 2007 to 2009,YanSui ling through this method export more than $2 million to Hong Kong to investing in the stock market.

　　严穗陵陷入刑事案件困境是因为，存入其香港汇丰银行户头的一张支票是一起抵押贷款欺诈案的非法所得。法庭文件显示，一位身份不明的“混混”利用伪造的身份证明，以香港豪华社区贝沙湾(Bel Air)一套公寓为抵押，获得了100万美元贷款，但这套公寓实际上属于另一个人。这笔资金的一部分最后出现在了严穗陵的户头上。

YanSui ling in criminal case dilemma because,In the Hong Kong HSBC bank account a check is mortgage fraud together of the illegal income.Court documents show,An unidentified"Hun hun"Use of counterfeit identification,In Hong Kong luxury community bei shawan(Bel Air)An apartment for a mortgage,Won a $1 million loan,But this apartment actually belong to another person.The money in the last part of the YanSui ling account.

　　香港执法机关在香港逮捕了严穗陵。根据香港法律，检方不必证明严穗陵直接知晓抵押贷款欺诈案的内情，只要证明一个理智的人应该觉察出资金来源有问题即可。事实上，检方没有提交证据证明严穗陵了解这起抵押贷款欺诈案的内情。严穗陵声称她没有参与欺诈，并说交易是合法的。

Hong Kong law enforcement authorities arrested YanSui ling in Hong Kong.According to the laws of Hong Kong,Prosecutors don't have to prove YanSui ling mortgage fraud directly know the ropes,As long as proof that a rational person should detect capital source can be have a problem.In fact,Prosecutors did not submit evidence to prove that YanSui ling understand the mortgage fraud the ropes.YanSui ling said she didn't participate in fraud,And said that trading is legal.

　　严穗陵被法院定罪，并在香港一家监狱服刑18个月。

YanSui ling was court convicted,And in a Hong Kong prison 18 months.

　　严穗陵的律师提出上诉并最终获胜。他们的论点是：严穗陵不可能知道这是来自抵押贷款欺诈的非法资金，因为她认为这是和她进行地下钱庄交易的另一方汇入的资金。严穗陵有银行记录证明这一点。

YanSui ling lawyer appeal and eventually win.Their argument is:YanSui ling may not know that this is from mortgage fraud of the illegal funds,Because she thinks it is and her underground trading the other side of the import of money.YanSui ling have bank records to prove it.

　　香港终审法院同意了这一论点，称严穗陵“感到有必要”利用地下钱庄以投资香港股市“并不令人意外”。

The court of final appeal of the Hong Kong agreed to this argument,Says YanSui ling"Felt obliged to"Use underground Banks to invest Hong Kong stock market"Is not surprising".

　　虽然利用地下钱庄的服务在中国内地属非法行为，但这在香港是合法的。根据香港法律，检方只有在所涉资金系法庭认定的犯罪行为（如毒品交易或贩卖人口）所得时才会对洗钱提出指控。由于经营地下钱庄在香港不属非法行为，因此不存在可以起诉严穗陵的犯罪事实。

Although the use of underground services in mainland China belong to illegal behavior,But this is legal in Hong Kong.According to the laws of Hong Kong,Prosecutors only angelfire capital system court decided that crime(Such as drug trade or human trafficking)Income will be put forward to money laundering charges.Because manage underground Banks in Hong Kong are not of the illegal behavior,So that there is no YanSui ling can be sued the criminal facts.

　　香港大学杨艾文说，这起案件显示出我们在定义洗钱这一犯罪行为时存在的不足，也提出了一个“我们该如何对待地下钱庄”的政策问题。

The university of Hong Kong YangYi said,The case shows that we in the definition of money laundering this crime behavior deficiency,Also put forward a"How should we treat underground"Policy problem.

　　杨艾文又说，在一个高度发达的金融体系中，资金的流动不可避免。很难辨别哪些资金存在问题、哪些资金又是干净的。

YangYiWen said,In a highly developed in the financial system,Capital flow inevitable.It is difficult to identify money problems/What money is clean.

（本文原载于华尔街日报中文网） (In this paper the original contained in the Wall Street journal online)