China mulls anti-money laundering law
(Xinhua)
Updated: 2006-04-25 09:48
China is widening the net to monitor flows of illicit money in a bill drawn
up to combat rampant money laundering and its upstream crimes, such as
smuggling, drug trafficking, and bribery.
The Bill of Anti-Money Laundering was submitted to the Standing Committee of
the National People's Congress, or the top legislature, for first review on
Tuesday and it is expected to be passed into law after at least three rounds of
reviews, according to China's law-making procedure.
The draft legislation, aiming to set up an all-around monitoring system, has
widened the track-down scope of suspicious money flows from the banking sector
to cover insurance and securities firms, law firms, accounting agents, and
businesses such as real estate, jewelry sales and auction.
The bill ordered these businesses to data-base clients' background
information, report large and suspicious transactions to the money-laundering
information collecting center for analysis.
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