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Strategies & Market Trends : True face of China -- A Modern Kaleidoscope -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (595)	11/14/2006 7:35:01 PM
From: RealMuLan	Read Replies (1) \| Respond to of 12464

China central bank sets rules on fighting money laundering 11.14.2006, 06:53 AM BEIJING (XFN-ASIA) - China's central bank announced new rules on combatting money laundering, including the creation of an administrative framework for a center to monitor possible money laundering. The People's Bank of China said on its website that the rules, which apply to banks as well as other financial institutions such as brokerages, insurance companies and postal savings offices, also include specific reporting requirements for suspicious transactions. The rules will go into effect on January 1 and March 1 of next year. The regulations cover cash transactions of over 200,000 yuan or foreign exchange transactions of over 10,000 usd, according to the statement on the central bank's website. The rules also state that the central bank has the authority to revoke the license of a financial institution that is found to have violated its regulations and it can penalize the executives of the institutions involved. Other suspicious activities to be reported by banks include the opening of excessive numbers of accounts as well as certain insurance premium payments by unrelated individuals. (1 usd = 7.9 yuan) forbes.com