In January 2003, the People's Bank of China (PBOC) promulgated three sets of rules relating to money laundering: the Financial Institutions Anti-money Laundering Provisions; the Large and Suspicious Renminbi Payment Transactions Reporting Administrative Procedures; and the Management Procedures for Financial Institutions Governing Reporting of Large and Suspicious Foreign Currency Funds Transactions.
China Gets Tough on Money Laundering
New regulations from the central bank target the use of financial institutions to launder funds obtained by criminal means. Under new rules, both renminbi and foreign currency transfers through financial institutions under the PBOC's supervision will come under heightened scrutiny.
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