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Law in pipeline to ban money laundering
By Guo Nei (China Daily)
Updated: 2005-07-14 05:47

China is speeding up legislation of its first anti-money laundering law, the draft of which will be submitted to the National People's Congress, China's top legislature, for review this year.

The news comes in a report issued by the People's Bank of China (PBC) which said lawmakers are drafting the law with the assistance of 17 government departments including the bank, the Ministry of Public Security and the Ministry of Finance.

An official with PBC, China's central Bank, said the law will probably expand the scope of application into the other major areas of "upstream crimes" the sources of illicit money in money laundering.

The existing Criminal Law only extends to money laundering involving drug trafficking, organized crime gangs, terrorism and smuggling.

Once extended the law is likely to include the crimes of embezzlement and bribery.

The report also said the PBC is drafting regulations to tackle money laundering in the securities and insurance industries.

"Outstanding achievements" to combat money laundering were made last year, the report stated.

A total of 50 cases, involving up to US$517 million, were jointly investigated by the police, the central bank and the State Foreign Exchange Administration last year.

In April 2004, China established an anti-money laundering monitoring analysis centre responsible for collecting, analyzing and supplying information on money laundering activities in the country.

By the end of 2004, the centre had received a total of 10,740 reports of illicit money transactions.

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