Home>News Center>China
       
 

Laundering legislation to spread net wider
By Jiang Zhuqing (China Daily)
Updated: 2005-09-30 06:01

Anti-money laundering efforts will be extended to cover insurance and securities sectors, as well other "vulnerable fields," such as real estate, sales of precious jewellery and the private sector, a leading official said yesterday in Beijing.

"Most acts of corruption (in China) are closely related to economic activities and accompanied by illegal money transfers," said Cai Yilian, deputy director of the Anti-money Laundering Bureau under the People's Bank of China (PBOC), at the fifth Anti-Corruption Conference for the Asia-Pacific Region yesterday in Beijing.

Valuable experience has already been accumulated by the bureau in countering money laundering through nationwide inspections in commercial banks, said Cai.

Reports said China's 17 major commercial banks have made 654,400 reports of suspicious transactions involving 248 billion yuan (US$31 billion) in local currency dealings and US$76.9 billion in foreign currency dealings since April, 2004, when the central bank set up its Anti-Money Laundering Monitoring and Analysis Centre.

More than 1,500 cases were handed over to police for investigation, reports said.

China also took action against 155 underground private banks and operations offering illegal foreign exchange transaction from April to December last year, putting an end to a total 12.5 billion yuan (US$1.5 billion) worth of illegal business, said the official.

To ensure the consolidation of anti-money laundering work, a draft of an anti-money laundering law will soon be submitted to the Standing Committee of the People's National Congress for reviewing, the official added.

The draft covers corruption and economic crimes, ensuring the Criminal Law is able to deal with the latest financial crimes, Cai said.

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, experts said. In January 2003, the PBOC promulgated three anti-money laundering regulations relating to financial institutions.

The anti-money laundering campaign calls for international co-operation between all regions and countries, said Cai, adding that the PBOC is actively engaged in international co-operation.

In October 2004, China worked with Russia to establish "the Eurasian Group on Combating Money and Financing of Terrorism."

To pursue on-the-run corrupt officials who often escape abroad with large sums of laundered or illicit funds, China signed 44 agreements and treaties on judiciary support and assistance with 41 countries between September 1987 and December 2004, said Jia Qingguo, a professor with the Peking University.

China is conducting appraisal work with the aim of an early entry to the Financial Action Task Force on Money Laundering (FATF), to which China was accepted as an observer last January, said Cai.

(China Daily 09/30/2005 page2)



Green group wedding ceremony in Shijiazhuang
Chinese embrace upcoming National Day
Nanjing International Auto Show
  Today's Top News     Top China News
 

No US-China textile deal; more talks in October

 

   
 

American DVD piracy convict deported home

 

   
 

US, China clash over UN N. Korea statement

 

   
 

Arctic may have no ice at all in 55 years

 

   
 

China share prices rebound; yuan up

 

   
 

String of car bombs kills 60 in Iraq

 

   
  China-U.S. textile talks end without agreement
   
  U.S. happy with China yuan moves, wants more
   
  China aims to lift confidence with compensation fund
   
  China share prices rebound; yuan up
   
  China seen world leader in clean energy
   
  China sets blueprint for fighting flu pandemic
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement
         
主站蜘蛛池模板: 色综合天天综合网站中国| 校草被c呻吟双腿打开bl双性| 欧美一欧美一区二三区性| 无遮挡辣妞范1000部免费观看| 女人扒开裤子让男人桶| 国产清纯白嫩初高生在线观看性色| 国产18禁黄网站免费观看| 亚洲欧美色一区二区三区| 亚洲AV成人中文无码专区| 中文字幕免费在线观看| 2021国产精品久久| 美女女女女女女bbbbbb毛片| 欧美日韩三级在线| 成人黄18免费视频| 国产精品免费看久久久无码| 啊v在线免费观看| 亚洲一区精品无码| 一本色道久久88—综合亚洲精品| 日本三级网站在线观看| 秀婷和程仪全集| 日韩不卡手机视频在线观看| 在线观看亚洲av每日更新| 国产乡下三级全黄三级| 亚洲日本久久一区二区va | 日韩电影中文字幕在线观看| 永世沉沦v文bysnow全文阅读 | 精品伊人久久久久网站| 欧洲美女与动zozo| 天堂久久久久va久久久久| 国产卡1卡2卡三卡在线| 亚洲最大成人网色| √在线天堂中文最新版网| 鲁丝丝国产一区二区| 毛片让我看一下毛片| 性放荡日记高h| 国产办公室gv西装男| 亚洲另类第一页| 99er在线视频| 精品久久久久久无码中文野结衣| 丁香六月婷婷综合激情动漫| 777奇米影视四色永久|