Home>News Center>China

Money laundering faces tougher curbs
By Eddie Luk (China Daily)
Updated: 2005-02-17 02:11

HONG KONG: Li Ruogu, the deputy governor of the People's Bank of China, yesterday pledged that the central authority will step up its efforts to curb money laundering.

Li said the central government plans to become a full member of the Financial Action Task Force on Money Laundering (FATF), a major inter-governmental organization, by the summer.

He made the remarks at a two-day international conference on combating money laundering in Hong Kong.

At present, China is only an observer at the FATF.

The country's top legislature, the National People's Congress, has already set up a taskforce to draft a new anti-money laundering law with tougher punishment as a prerequisite for FATF membership.

Li said the government has adopted a "pro-active," "pragmatic" manner in fostering multilateral and bilateral co-operation in the fight against money laundering.

"We have already amended the criminal law and drafted new laws to give tougher punishment to money laundering and terrorist financing in China," he said. He expected the legislation to be completed by June.

The nation has carried out a list of measures to tackle money laundering, which includes co-operating with anti-money laundering organizations of other countries in investigations and intelligence exchanges.

Li said the establishment of a sound financial system is the most effective way to eradicate money laundering and is a crucial reform in the State-owned banking sector.

(China Daily 02/17/2005 page2)

  Today's Top News     Top China News

Liaoning mine blast toll rises to 210, rescue underway



Chinese protest against move on islands



CPC punishes corrupt officials in 2004



France pushes to lift China arms ban



Kyoto global warming pact takes effect



Snow challenges returning crowds


  Snow challenges returning crowds
  Rescue work continues after coal mine blast
  China sees record venture capital investment
  Chinese protest against move on islands
  CPC punishes corrupt officials in 2004
  Guidelines help firms invest in shares
  Go to Another Section  
  Story Tools  
  News Talk  
  It is time to prepare for Beijing - 2008