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China targets foreign currency money laundering China on Monday ordered banks to begin regular reporting of large foreign currency transactions as the country steps up its fight against money laundering, CCTV reported Tuesday. According to the State Administration of Foreign Exchange, new rules requiring banks and other financial institutions to report large or suspicious forex transactions would help improve efforts to block money laundering in the realm of foreign exchange. Transactions suspected of some criminal involvement should be reported to
police. Large transactions were defined as those involving more than US$10,000
in cash by an individual or business, or US$100,000 of non-cash instruments by
individuals. Non-cash transactions of more than US$500,000 by businesses should
also be reported. |
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