We are working hard to eradicate the problem

Money laundering refers to the process of making illegally gained "dirty money" appear legal.

The practice may lead to financial instability in various sectors in the economy, which can be hard to put into numbers.

The negative impact can spread to sectors beyond the field of economics, and the money is often used to support crime. Criminals use various mechanisms and financial instruments to launder money.

According to China's anti-money laundering law, upstream crimes include smuggling, corruption, bribery, terrorism, drug trafficking, violations of financial administration orders and financial fraud.

In the meantime, the rapid development of online payment and other types of money transfer options pose greater challenges to regulatory bodies. That underlines the fact that more efforts are needed to improve our ability to tackle money laundering and we need more cooperation between countries.

Although China had a late start compared with some countries, the country is actively engaged in international cooperation to promote the development of anti-money laundering work in both depth and scale. We are determined to make all-out efforts to combat all aspects of money laundering at home and abroad.

Jin Luo spoke with Wang Yanfei.

(China Daily 08/17/2016 page12)