Following increased regulatory steps, Beijing will now start a three-year nationwide crackdown on money laundering from 2022 to 2024, Bloomberg reported.
The money-laundering campaign will be conducted by 11 government agencies and is aimed at “stopping the spreading trend of money laundering and other related crimes,” as per a statement from the People’s Bank of China (PBOC) on January 26.
Spearheading the crackdown will be the PBOC and the Ministry of Public Security, while other participants include banking, foreign exchange and securities regulators and customs authorities, it said.
Authorities will be adopting a “national risk prevention system against money laundering, improve relevant laws and regulations, and enhance analysis and investigation of money laundering,” the PBOC said.
The Chinese Central Bank noted that the situation on cracking down money laundering crimes is “still grim”.
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