China launches 3-year anti-money laundering campaign

Reading Time: < 1 minute

SHANGHAI, Jan 27 (Reuters) – China has launched a three-year campaign to fight money laundering in a bid to safeguard national security and social stability, according to a government statement.

The campaign, which started this year and will last until the end of 2024, is led by the People’s Bank of China (PBOC) and the Ministry of Public Security, according to a statement on the central government website.

“The situation of combating money laundering remains severe,” the statement said.

China will “resolutely curb the spread of money laundering and related crimes,” it added.

The announcement of the campaign, which involves 11 Chinese government bodies, comes as China on Wednesday published revised rules designed to strengthen financial firms’ anti-money laundering ability.

(Reporting by Samuel Shen and Brenda Goh. Editing by Gerry Doyle)

Photo – EPA-EFE/WU HONG

Once you're here...