Friday, September 5, 2008

China’s Central Bank Cracks Down On Money Laundering

China Daily reports that the Central Bank of China has helped police uncover 89 money-laundering cases last year involving $4.2 billion. Most of these cases according to the Central Bank of China were related to underground private banks.

Last year the People’s Bank of China imposed over 26.5 million yuan on 350 financial institutions that didn’t comply with strict anti-money laundering regulations. The PBOC has signed and approved all international treaties passed by the United Nations. What are some examples of other countries that have began to crackdown on money laundering?

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