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Home >> China
UPDATED: 08:39, November 01, 2006
NPC regular session concludes with four laws, amendments passed
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The 24th session of the Standing Committee of China's 10th National People's Congress (NPC) concluded on Tuesday with four laws and amendments announced by President Hu Jintao.

The closing meeting, presided over by top legislator Wu Bangguo, passed the four laws and amendments, which included the anti-money laundering law, farmers' cooperatives law, an amendment to the law on banking regulation and supervision and an amendment to the organic law of the people's courts.

President Hu signed orders to make public the four laws and amendments.

The anti-money laundering law broadens the definition of money-laundering to include corruption and bribe taking, violating financial management regulations and financial fraud.

Aiming to protect farmers' business interests, the farmers' cooperatives law requires cooperatives to set up an account for every member and define their individual financial rights as a basis for profit and liability sharing.

The amendment to the law on banking regulation and supervision is designed to strengthen supervision of the banking sector in the face of rising foreign competition.

The amendment to the organic law of the people's courts deprives the provincial people's courts of the final say on passing death sentences. After January death penalties handed out by provincial courts must be reviewed and ratified by the Supreme People's Court.

Source: Xinhua


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