China is making serious efforts to curb cross-border money laundering and that’s why, China’s central bank has expedited the efforts by strengthening cooperation with countries including European nations to curb this serious crime. In order to execute the plans, the People’s Bank of China (PBOC) said in a statement that cross-border cooperation would focus on anti-money laundering regulation, financial information exchange, and asset recovery among other areas.
A recent report by the Financial Action Task Force (FATF), a global standard-setter in fighting money laundering, said a “large amount of illicit proceeds flows out of China annually”. “The Chinese government has spared no effort to crack down on all kinds of criminal activities, including money laundering,” the PBOC said.
It has recovered 8.6 billion yuan ($1.25 billion) in illegal funds from over 90 countries during 2014 to 2016. “Of course, there is room for improvement in this area, and we are working to strengthen these aspects,” it said.
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17 November, 2019