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Last updated at: (Beijing Time) Friday, September 13, 2002

Money Laundering Ruled out Expected in China

Governor Dai Xianglong lately told that a concentrated effort is to be made by the People's Bank of China out with a new range of rules and regulations to fight money laundering in China.


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Governor Dai Xianglong lately told that a concentrated effort is to be made by the People's Bank of China out with a new range of rules and regulations to fight money laundering in China.

"Methods on Payment Deals" and "Interim Rules on Big Sums and Suspicious Overseas Funds Reporting" along with "Regulations Fighting Money Laundering" will all be worked out by the People's Bank of China according to Dai speaking at a first ever central anti-money laundering meeting lately held.

A highly efficient supervisory monitoring anti-money-laundering network is to be built with a series of essential work items involved. Bank accounts, big-sum money flow as that of overseas funds esp. cash and underground money houses are to be closely watched following "Rules on Deposits and Withdrawals Using Real Name" and other related rules and regulations by the People's Bank of China. Supplementary education and training work will also be carried out to that end. As a part of this and as demanded for fighting terrorism, international anti-money-laundering cooperation is to be strengthened.

It is reported that there are already available a series of rules and regulations including "Bank Accounts Ruling", "Overseas Fund Accounts Management Methods" and others as "Regulations on Large Sums of Cash Payment Registration" will be strictly enforced by all financial institutions in China. These would also make no exception with the whole institutional setup of commercial banks under which all-anti-money-laundering regulations and rules will be acted upon so as to leave no loopholes and make the anti-money-laundering fight a complete success.

It is told that under the People's Bank of China a leading group has already been formed and put to the work coordinating the fight against money laundering in China and abroad since September last year. By July this year, the People's Bank of China has further got a new anti-money-laundering leading body to lead the fight against money laundering by banks in China.

By People's Daily Online


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