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People's Bank of China, the central bank, has reportedly set up a department to fight money laundering within the financial and banking sectors.
China News Service reported Wednesday that money laundering controls for state-run and commercial financial institutions would be in place by early 2003.
A center to detect "suspicious" financial transactions also has been established within the People's Bank of China.
Calls for stricter money laundering controls have intensified worldwide following the Sept. 11 terror attacks in the United States.
In March, top prosecutor Han Zhubin promised China's legislature that he would attack the problem.
Wednesday's reports gave no figures. But the report said the volume of illicit transactions was rising, with much of the money escaping overseas to evade Chinese taxes.
(China Daily July 4, 2002)
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