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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Bank of China Under Heavy Money Laundering Allegations in US Court

TradingMarkets.com reports that a lawsuit filed in the US tying the Bank of China to funding terrorist organizations are “are purely nonsense and without foundation," bank spokesman Wang Zhaowen mentions.

A lawsuit filed in the Los Angeles Supreme Court alleges that the bank transferred millions of dollars to Hamas and Palestinian Islamic Jihad in Syria and Iran. Wang Zhaowen also says, "Bank of China has always strictly been in compliance with the United Nations rules against money-laundering and terrorist financing. The bank has consistently adhered to the regulatory requirements in China and other jurisdictions.”

The Bank of China ultimately believes that the US Court will issue a fair ruling based on facts.

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