Definition of money laundering widened

As part of its increased efforts to combat financial crimes, China's top legislature, the Standing Committee of the National People's Congress, approved the PRC Anti-money Laundering Law on November 1 2006, which will become effective on January 1 2007.

In order to strengthen the country's ability to combat money laundering, the definition of money laundering has been widened to include corruption and bribe taking, violating financial management and financial fraud. Before, the criminal law identified money laundering as being associated with drug trafficking, organized crime, terrorist crime and smuggling.