Type to search

Chinese Agencies Launch Crackdown on Money Laundering

They said a “Three-Year Action Plan for Combating and Controlling Money Laundering Crimes (2022-2024)” would be launched from January 2022


People's Bank of China
People's Bank of China. Photo: Reuters

 

China has launched a three-year action plan to crack down on money laundering activities, the central bank said on Wednesday.

The campaign is being rolled out by 11 government agencies, the People’s Bank of China said in a statement.

The bank described the money laundering environment in China as “grim”.

The announcement said intelligence needed to be improved, while analysis and investigation techniques needed updating.

As well as the central bank, the Ministry of Public Security, National Supervisory Commission, Supreme People’s Court, Supreme People’s Procuratorate, Ministry of State Security, General Administration of Customs, State Taxation Administration, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and the State Administration of Foreign Exchange jointly issued the statement.

They said a “Three-Year Action Plan for Combating and Controlling Money Laundering Crimes (2022-2024)” would be launched from January 2022 until December 2024.

The PBoC and the Ministry of Public Security are the lead agencies. “In particular, we must intensify the punishment of money laundering crimes,” the bank said.

Recently, Macau has been a focus of anti-money-laundering activities.

Alvin Chau, CEO and founder of Suncity, Macau’s biggest junket operator, which brings in high rollers to play at casinos, was arrested over alleged links to cross-border gambling and money laundering.

Macau’s government announced earlier this month that the number of new casino operators allowed to function in the world’s largest gambling hub would be limited to six with an operating period of up to 10 years.

 

  • George Russell

 

READ MORE:

Macau Junket King Might Lose Russian Casino – Asia Sentinel

 

UK Regulator Fines HSBC $85m over Money Laundering Flaws

 

Chinese police arrest 1,100 in crypto laundering crackdown

 

Australia’s NAB named in anti-money laundering probe

 

 

Tags:

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

logo

AF China Bond