China passes first anti-money-laundering law – Andrew Yeh

From Financial Times:

Beijing has passed its first law targeting money-laundering, a sign of the government’s growing concern over the pervasiveness of financial crime.

China’s legislature on Tuesday adopted the law, which is expected to go into effect on January 1, according to Xinhua news service. The legislation details the many forms of , which under China’s definition will include bribe-taking and financial fraud.

Chinese legislators and bank regulators have over the past year discussed expanding the legal definition of money-laundering in order to crack down on suspect domestic and cross-border financial activity.[Full Text]

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