Money-laundering fight

By Agencies – Global Times Source:Agencies – Global Times Published: 2016-5-23 22:18:02

Financial institutions in China were urged by an official on Monday to step up efforts to fight money laundering and cooperate with authorities as part of this effort.

Financial institutions and payment service providers must pay great attention to anti-money laundering efforts and take firm measures to improve such efforts, Guo Qingping, deputy governor of the People's Bank of China, the central bank, told a meeting in Beijing.

Guo said financial institutions need to communicate and cooperate with authorities on anti-money laundering and monitoring of capital flows.

Fighting terrorism financing has been in the spotlight in recent years, Guo noted.

Money laundering disrupts financial markets and contributes to smuggling, tax evasion, corruption and other criminal activities, according to Guo.



Posted in: Economy

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