Beijing - China promised on Tuesday to beef up efforts in the
international drive against money laundering and terrorism financing, saying it
plans to join the global body leading the fight next year.
Xiang Junbo, vice governor of the People's Bank of China, told a seminar of
global anti-money-laundering officials that China sees itself as a vital force
in the worldwide effort to cut off illegal channels for funding terrorists.
"As one of the pivotal points of global exchanges of capital, technology,
information and talent, China is strategically important in the international
fight against money laundering and terrorism financing," Xiang said, according
to a statement published on the central bank's Web site (www.pbc.gov.cn).
China passed its first anti-money-laundering law late last month, paving the
way for it to join the Financial Action Task Force (FATF) -- a Paris-based
inter-governmental body with 33 members that promotes policies to fight money
The central bank said in the statement that the FATF had recently completed
an assessment of China's efforts in that field and would vote on China's entry
Xiang, speaking to central bank officials, senior lawmakers and observers
from the FATF and the Eurasian Group on combating money laundering and financing
of terrorism (EAG), said China's entry into the FATF would help it broaden its
efforts to fight money laundering.