China launches 3-year action plan to crack down on money laundering

BEIJING, Jan. 26 (Xinhua) -- Authorities in China have initiated a three-year action plan to combat money laundering, with the People's Bank of China (PBOC) and the Ministry of Public Security (MPS) leading the campaign.

The action plan, released by the PBOC, the MPS and nine other government departments, called for coordination and consultation among departments to crack down on all kinds of money laundering activities.

The plan also proposes to improve the risk prevention and control mechanism against money laundering and effectively safeguard national security, social stability, economic development and the interests of the people.

The three-year campaign, starting from the beginning of 2022, will continue till the end of 2024.