China to renew crackdown on money laundering

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After tightening enforcement in recent years, China plans to launch a nationwide crackdown on money laundering, Bloomberg reported.

The People’s Bank of China (PBOC) announced that 11 government agencies will implement the campaign from 2022 to 2024, with the aim of “stopping the trend of spreading money laundering and other related crimes”.

The central bank of the People’s Republic of China has made it a priority to investigate and punish cases of money laundering.

Last summer, Chinese police arrested 1,100 suspects for money laundering. Those detained are said to have used cryptocurrencies to evade the law.

Read more: China arrests 1,100 people in crypto money laundering sting

China is the subject of a national campaign to crack down on money laundering activities linked to telecommunications fraud, dubbed “Operation Card Breaking”. In addition to the arrests, Chinese police shut down 170 criminal organizations.

The PBOC said authorities will adopt a nationwide risk prevention network designed to combat money laundering, update laws and regulations, and improve money laundering analysis and investigation.

“Currently, we are still facing a bleak situation of cracking down on money laundering crimes,” the PBOC said.

The PBOC and the Ministry of Public Security will lead the crackdown, while customs authorities, securities regulators, foreign exchange as well as banks and insurance companies will assist.

Money laundering is not the only objective of the PBOC.

See also: China blacklists big tech to curb foreign investment

As part of the ongoing crackdown on Big Tech in China, the PBOC and other regulators have established a blacklist intended to reduce the contribution of international shareholders in the next generation of Chinese technology companies.

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