Home>News Center>China
       
 

Corruption to be included in money laundering law
(Xinhua)
Updated: 2004-07-19 11:45

China's "money laundering law" drafting work group has decided to include corruption and economic crimes in the law, in a bid to improve the country's legal system.

"Though China has conducted preliminary anti-money laundering cooperation among several central departments like the Bank of China, Ministry of Public Security and State Administration of Foreign Exchange, it is still lacking a systematic mechanism," said Yu Guangyuan, director of the lawmaking work group.

According to the existing Criminal Law, only four major crimes fall into the category of money laundering: drug trafficking, smuggling, terrorism and underworld activities. However, this definition is considered too limited to control today's numerous other money laundering crimes.

Shao Shaping, a professor with the prestigious People's University of China in Beijing, said the laundering of money gained through corruption has become increasingly more common overrecent years.

According to Prof. Shao, in the past three years, China has had at least 600 billion yuan (US$73 billion) washed to other countries, of which over 500 billion yuan (US$60 billion) was gained through corruption.

A case in point was Lai Changxing, one of China's most wanted fugitives currently in custody in Canada, whose Yuan Hua group is said to have smuggled 6 billion US dollars in luxury goods, cars, oil and raw materials into China during the early 1990s via the port city of Xiamen, in east China's Fujian province.

Lai hired people to take cash from smuggling activities on the Chinese mainland and deposit the money into the bank accounts of money changers in Hong Kong. The funds would then be cleansed by being transferred into the bank accounts of people and various companies.

In March of 2004, China started the money laundering lawmaking process at the Standing Committee of the 10th National People's Congress, the top Chinese legislature, and in May, the work group held the "Money laundering lawmaking seminar" in Beijing, to give an introduction of the country's money laundering situation to theconcerned government departments.

"China's day-to-day development and economic globalization have also nursed some illegal operations including illegal tax evasion, corruption or financial deceptions, which urgently calls for a corresponding law to regulate," said Yu.

"It is an international trend to include such deeds as serious money laundering crimes," he added.



 
  Today's Top News     Top China News
 

China opposes US congress' resolution on Taiwan

 

   
 

Predicted rains signal flood, mud slide alarm

 

   
 

Zarqawi group puts bounty on Iraqi PM's head

 

   
 

Expert: Economy not overheated in all areas

 

   
 

Grain supply deficit remains

 

   
 

Videotape shows American's decapitation

 

   
  Predicted rains signal flood, mud slide alarm
   
  Grain supply deficit remains
   
  Guangzhou children to be taught sex early
   
  China opposes US congress' resolution on Taiwan
   
  Don't sweat joblessness: Be your own boss
   
  Air bombing survivors to demand compensation
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  When will china have direct elections?  
Advertisement
         
主站蜘蛛池模板: а√在线地址最新版| 亚洲人成77777在线播放网站| 色噜噜成人综合网站| 国产精品久久久久aaaa| aa级国产女人毛片水真多| 成人影片一区免费观看| 久久国产精品久久久久久 | 同桌好舒服好粗好硬| 麻豆一区区三三四区产品麻豆| 国产精品无码久久久久久| 999影院成人在线影院| 女地狱肉之壶极限调教2| 七次郎在线视频永久地址| 无码人妻丰满熟妇区五十路| 久久国产精品麻豆映画| 最近中文字幕2018高清在线| 亚洲国产精品xo在线观看| 欧美超强性xxxxx| 亚洲精品自产拍在线观看| 男女午夜性刺激| 免费看a级毛片| 精品卡一卡2卡三卡免费观看| 噜噜噜在线视频| 自拍偷拍999| 国产v亚洲v天堂无码网站| 韩国伦理s级在线| 国产在线激情视频| 黄色免费网址大全| 国产成人无码av在线播放不卡| 五月婷婷俺也去开心| 国产精品久久久久久久久久免费| 2015日韩永久免费视频播放| 国内精品久久久久精品| 四虎永久成人免费影院域名| 97精品在线播放| 在线成人a毛片免费播放| 99精品全国免费观看视频| 大陆一级毛片免费视频观看i| 任我爽精品视频在线播放| 精品国产一区二区三区不卡在线| 和僧侣的交行之夜樱花|