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Last updated at: (Beijing Time) Thursday, July 04, 2002

Anti-money Laundering War Underway in China

An anti-money laundering system is lately reported being instituted by the People's Bank of China (PBC). With a task force put to the fight against money laundering last year, it sees to it that a functional center be further organized under PBC Anti-money Laundering Department for monitoring the flow of capital and doubtful funds.


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An anti-money laundering system is lately reported being instituted by the People's Bank of China (PBC). With a task force put to the fight against money laundering last year, it sees to it that a functional center be further organized under PBC Anti-money Laundering Department for monitoring the flow of capital and doubtful funds.

Last week saw a report released by People's Daily covering increased criminal activities of money laundering in China captures extensive attention of Chinese and overseas news media.

PBC's anti-money laundering system is noted for its organizational setup and laws and regulations to be enacted and with intense preparations being made to that end, according to inside sources released.

For an overall PBC anti-money laundering system from top to grassroots institutions a compact anti-money laundering organizational setup with a whole set of laws and regulations has been demanded by the PBC of various commercial banks and other financial institutions for fighting money laundering in China. Money flow would be wholly put on a sound track in China and according to PBC, as expected. a sound anti-money laundering system will be built and laws and regulations enacted from top down below by January 2003.



By PD Online Staff Huang Ying


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