BIZCHINA / Top Biz News
China uncovers largest money laundering case
(Xinhua)
Updated: 2006-12-02 10:15
Authorities in China's commercial center Shanghai has uncovered a five
billion yuan (633 million U.S. dollars) money laundering case, the
largest ever in the country's history.
The case was exposed accidentally in a probe into falsification in
business registration jointly launched by the Shanghai office of the
central bank and other government agencies, the Shanghai Securities News
said Friday.
The report gave no details of the case other than that it involves
"underground" banks, or illegal private businesses offering remittance,
foreign exchange and other banking services.
Though a relatively new thing in China, anti-money laundering has been
increasing attention by Chinese authorities.
In 2003 the central bank was given the power to handle anti-money
laundering investigations.
In October this year, the national legislative body adopted the country's
first anti-money laundering law, which expanded the definition of money
laundering to include bribery, and gave the central bank greater power in
investigations.
The new law, which will take effect on January 1, 2007, will pave the way
for China to join the Financial Action Task Force on Anti-Money
Laundering (FATF), an international organization also devoted to cut off
funding to terrorists.
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