Tools: Save | Print | " target="_blank" class="style1">E-mail | Most Read
Regulators on the Tail of Money Launderers
Adjust font size:

The authorities last year cracked down on more than 50 money laundering cases involving more than 10 billion yuan (US$1.25 billion), the central bank said yesterday in a report.

The release of the report coincides with the second reading of the draft anti-money laundering law by the Standing Committee of the National People's Congress (NPC).

The law, the first of its kind in the country, is expected to plug the legal loopholes in relation to money laundering with clearer definitions of such activities and penalties.

It will also help build an efficient regulatory structure to detect, monitor and prevent money laundering, experts said.

The number of cases solved last year was the same as in 2004, but the amount involved was much higher; about two-and-a-half times the 4 billion yuan (US$500 million) then.

Most of last year's cases were major crimes, according to the report, which added that they were mainly concentrated in coastal areas and provinces in the northeast and southwest, such as Yunnan, Shandong, Guangdong, Shanghai, Zhejiang and Heilongjiang.

The People's Bank of China (PBC) also transferred 2,790 suspected cases involving 32.78 billion yuan (US$4.1 billion) to the police last year; as did the State Administration of Foreign Exchange, which referred 405 cases involving US$1.24 billion.

The central bank report, released for the second year running, also highlights some challenges that the country faces, and cites specific cases to illustrate the channels, impact and trend of such illegal practices.

A major channel is transactions through illegal money exchange vendors or underground banks, or qianzhuang as they are called in Chinese.

Financial regulators joined hands with police to crack down on 47 illegal money changers and lenders last year and arrested 165 suspects. Cash amounts involved were up to 10 billion yuan (US$1.25 billion).

As for the draft anti-money laundering law, a source close to the matter said if there are no major objections during the current debate, it is possible that the draft will be sent for a third reading this year before it is approved.

Xiang Junbo, vice-governor of the PBC and head of its Shanghai headquarters, said that in addition to the law, three anti-money laundering regulations targeting the banking, securities and futures, and insurance sectors will be released in the second half of the year, thereby expanding the fight to the latter two sectors.

Most of the information on suspected "dirty money" is first submitted to the Anti-money Laundering Monitoring and Analysis Center of the PBC. Apart from regular reports from commercial banks, rural credit co-operatives and other banking institutions, the public is also encouraged to report suspicious activities to the center.

Last year, the center received 283,400 reports of suspicious renminbi funds and about two million involving suspicious foreign exchange transactions.

Money laundering is already an offence under China's criminal law.

The State Council, China's cabinet, has also issued regulations governing cash management, penalties for financial irregularities and illegal financial organizations.

It is mandatory for individuals to use their real names to open deposit accounts.

Apart from underground banking and illegal foreign exchange bureaux, money laundering cases mainly involve the embezzlement of public funds, drug smuggling, and illegal lotteries.

(China Daily August 25, 2006)

Tools: Save | Print | " target="_blank" class="style1">E-mail | Most Read

Related Stories
Legislators Seek Money Laundering Law
China Joins Groups Against Money Laundering
Money Laundering Faces Tougher Curbs
Local Govts Warned Against 'Hot Money'
First Anti-Money Laundering Draft Law to Be Submitted
Anti-money Laundering Efforts to be Stepped Up
NPC to Discuss Anti-money Laundering Law
China Considers Anti-money Laundering Law
Legislators Cast Wide Net to Stop Money Laundering
 
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright ? China.org.cn. All Rights Reserved E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP證 040089號

主站蜘蛛池模板: 国产欧美一区二区精品久久久 | 日韩精品卡二卡3卡四卡| 亚洲精品美女久久7777777| 美国美女一级毛片免费全| 国产内射爽爽大片视频社区在线 | 日本动漫丝袜腿交榨精漫画| 亚洲av永久精品爱情岛论坛 | 国产在线精品网址你懂的| 亚洲图片欧美另类| 成人艳情一二三区| 亚洲免费成人网| 美国式禁忌4桥矿超棒| 国产免费a级片| 九九视频在线观看6| 天天躁日日躁狠狠躁av中文| 久久精品成人免费观看| 欧美另类第一页| 冬日恋歌国语版20集中文版| 色多多视频在线播放| 国产午夜亚洲精品国产| 99re热久久这里只有精品首页| 天天做.天天爱.天天综合网| 丁香狠狠色婷婷久久综合| 最近手机版免费中文字幕| 免费a级毛视频| 陈冰的视频ivk| 国产成人女人在线观看| 免费在线你懂的| 国产精品区免费视频| 4四虎44虎www在线影院麻豆| 影音先锋成人资源| 久久精品国产99精品最新| 樱花草www日本在线观看| 亚洲国产天堂久久综合| 福利视频1000| 午夜两性色视频免费网站| 麻豆第一区MV免费观看网站 | 狠狠躁夜夜躁人人爽天天不| 伊人色综合久久天天人守人婷| 真实的国产乱xxxx| 免费看一级性生活片|