$4b money laundering uncovered last year

China uncovered 89 cases of money laundering involving a total of 28.8 billion yuan ($4.17 billion) last year, the People's Bank of China said.

A total of 350 financial institutions in 2007 were punished for violations of anti-money laundering rules and regulations, including 341 banks, four securities and futures firms, and five insurers.

Meanwhile, the police and the central bank launched more than 50 campaigns to clamp down on 43 underground banks and detained 180 suspects.