China vows more effort against terrorism financing

Updated: 2006-11-28 15:53

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 (

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 laundering.

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 next June.

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.

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