China makes leap progress on fighting against money laundering

The Governor of the Bank of China Mr. Zhou Xiaochuan confirmed that China has fast tracked the legislation of anti-money laundering law.

At the 2nd Plenary meeting of Eurasian group on combating money laundering and financing of terrorism (EAG) in Shanghai on April 12 he highlighted China's latest breakthroughs on cracking down money laundering.

Under the central bank's initiative and leadership, an inter-ministerial joint conference, as well as a mechanism for concerted supervision by finance watchdogs, has been in place. A monitoring and analyzing center for money-laundering has also been established.

The public security department is intensifying its investigation into dubious capital deals and crackdown on illegal financing houses. A series of money laundering cases have been brought to light as a result of their probes into dubious transactions.

The central bank has launched a sweeping check-up on the implementation of anti-money laundering rules in financial institutions throughout the nation. Where the rules did not work effectively, penalties have been imposed.

China has also stepped up its cooperation with other countries and international organizations on fighting against money laundering. In February this year, it became observer of Financial Action Task Force on Money Laundering (FATF) and is trying to be admitted a membership.

By People's Daily Online