Exactly this. It seems likely this is a giant money laundering and exfiltration scheme that both the US and China would nominally like to stop. That they don't is problematic.

It's not that easy. Every step of it has a legitimate use and it's only when combined that problems are caused. Then, I don't see what reason the US would have to want it to stop, more USD in Chinese hands isn't a bad thing. China wouldn't like it, but as it's taking place in Macau or now Saipan there are jurisdictional issues.