Anti-money laundering needs to be enhanced (Xinhua) Updated: 2004-08-31 15:58
China's current work against
money laundering does not meet the demand of the situation, said Governor Zhou
Xiaochuan of the People's Bank of China in Beijing recently at a relevant
meeting.
"The laws and regulations against money laundering are not well designed, and
do not follow international practice and the requirements of the work," he said.
Financial institutions do not fully realize the importance of anti-money
laundering, he said, noting that money laundering methods have become more
complicated and specialized.
In 1997, China made clear the crime of money laundering in its revised
Criminal Law. In September 2003, the People's Bank of China established an
anti-money laundering department. A national supervision and analysis center
against money laundering was set up in April 2004.
Since 2002, 57 underground banking bodies have been destroyed in coastal
Fujian and Guangdong provinces, with more than 240 suspects arrested and
billions of yuan involved, according to official figures.
"China is making an effort to join international organizations on anti-money
laundering and is enhancing cooperation with other countries and regions," Zhou
said.
