China uncovers 4.3bil yuan money laundering


  • Business
  • Wednesday, 13 Jul 2005

BEIJING: China has uncovered 50 money laundering cases involving a total of 4.28 billion yuan, the central bank said. 

The People's Bank of China (PBoC) said in a report on its website that it received 36,100 reports of what it described as suspicious transactions in yuan and 4.32 million reports of suspicious transaction in foreign exchange during the year. The reports were filed by financial institutions with operations across China. 

It did not give further details on the 50 cases that were confirmed as money laundering. 

Hong Kong, the United States, Japan, Taiwan and Singapore were the major sources and destinations of the suspicious foreign exchange transactions, the bank added. 

China's National People's Congress, the country's parliament, was reviewing a draft of the Anti-Money Laundering Law, which may come into effect this year, the central bank said. – AFX-Asia

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