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China working on laws to counter laundering
Updated: 2005-09-24 09:42

China is stepping up work on laws to counter money-laundering and financing of terrorist operations, domestic newspapers reported Friday, citing a senior central bank official.

A draft of an anti-money-laundering law will be submitted to China's national legislature at the "appropriate time," Xiang Junbo, a vice governor of the People's Bank of China, told a conference in Beijing. An anti-terrorism law that includes sections on money laundering has also been drawn up, Xiang said.

Money laundering is a growing problem in China, often linked to drug trafficking, corruption and tax evasion. The government has recently ordered banks to begin regular reporting of large foreign currency dealings as part of a crackdown.

Chinese reports say most of the illicit money transfers come from Hong Kong, Japan, the United States and Taiwan.

China is also constructing a center to monitor and screen suspicious transactions and other illegal activity, especially underground banking, the Shanghai Daily cited Xiang as saying.

Local banks have already assigned more than 92,000 people to work in posts devoted to preventing such crimes, reported the central bank-linked Financial News.

It said that since the central bank set up its Anti-Money Laundering Monitoring and Analysis Center in 2004, the country's 17 major commercial banks have made 654,400 reports of suspicious transactions involving 248 billion yuan ($31 billion) in local currency dealings and $76.9 billion in foreign currency dealings.

More than 1,500 cases were given to police for handling, it said.

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