China sets up special anti-money laundering organization

The country's special anti-money laundering information department¡ªChina Anti-money laundering Supervising & Analyzing Center was established the other day. According to "21st Century Business Herald ", this organization will be responsible for collecting large-sum and suspicious deal information, as well as sorting out and analyzing deal information, and then submit the analyzed results to law enforcing and judicial departments etc. for information exchange. The establishment of the anti-money laundering supervising & analyzing center will help expose the huge and undercurrent ill-gotten money to the Central Bank of China.

In recent years, money laundering in the country has been very rampant: a huge amount of "ill-gotten money " from abroad has come into China for laundering under the cloak of investment etc. A great deal of lawless gains within the borders has flowed out of the country via illegal private banks etc. A large amount of lawless gains from drug, smuggling and crimes committed by criminal syndicate are eager for laundering and corrupt embezzlers take advantage of various channels for laundering and diverting illicit money. International Monetary Fund has made an estimate, telling that the annual amount of laundering money in China is as high as up to RMB 200-300 billion yuan, and the anti-money laundering situation is very severe, information from the Central Bank of China says. It is said that the legislative process of "Anti-Money Laundering Law " has been officially launched and is also placed on this year's legislation agenda.

By People's Daily Online