BEIJING -- The People's Bank of China (PBOC), the central bank, said on
Wednesday it would draw up regulations to strictly enforce the country's
anti-money laundering law "as soon as possible".
The bank would soon issue a series of regulations to combat money laundering
in securities, futures and insurance sectors, said Chen Xiaoyun, an official
with the PBOC.
The law would help China's accession to the world's money policing agency,
the Financial Action Task Force on Money Laundering (FATF), said Liu Lianke, an
official with the PBOC's anti-money laundering bureau, adding that China is
likely to join the inter-governmental organization in June 2007.
The law, approved on Tuesday by the Standing Committee of the National
People's Congress (NPC), the country's top legislature, will come into effect on
January 1 next year.
The PBOC launched its anti-money laundering campaign in 2003, and established
an anti-money laundering bureau and a monitoring and analysis center.
By the end of 2005, all the country's commercial banks, 90 percent of the
urban credit cooperatives and foreign banks, and 50 percent of the rural credit
unions had access to the monitoring and analysis network.
According to the China Anti-Money Laundering Monitoring and Analysis Center,
683 suspicious cases had been reported to the police by the end of 2005,
involving 137.8 billion yuan (17.2 billion U.S. dollars) and more than one
billion U.S. dollars.
The FATF was established at the G-7 Summit in Paris in 1989, in response to
mounting concern over money laundering. It has 33 members and China became an
observer in 2005.