The central bank has said it will strengthen anti-money laundering measures
in its bid to fight corruption.
"(We) will use all the central bank's powers to help with society's drive
against corruption," Zhou Xiaochuan, governor of the People's Bank of China,
said at a televised national conference on Friday.
He also called for the monitoring of large-scale and dubious capital deals to
be enhanced to stem money laundering and corruption, a statement published on
the bank's website said yesterday.
China has consistently stepped up its efforts to fight money laundering.
Last year, it passed its anti-money laundering law, which took effect from
the start of this year.
Last month, the central bank released rules on the control of terrorism
financing, which require banks to report suspicious transactions to the
And late last month, the country was admitted into the Financial Action Task
Force, the 33-member intergovernmental body that coordinates global efforts to
fight money laundering.
Zhou called for the credit information database to be expanded to include
more corporate and individual credit information.
The banking "real name" account system, which requires people to register
their real names when depositing money in banks, should be strictly implemented
to prevent people from using fake identities to launder money they obtained by
corrupt or illegal means.
He also said the bank should carefully investigate information provided by
the public, especially that concerning infrastructure construction and equipment
(China Daily 07/17/2007 page3)