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Chinanews, Beijing, Aug 24 – Fighting against money laundering is a long-term task. China will focus on setting up an appropriate system, not any individual cases, to tackle the issue, said Tang Xu, director of the People's Bank of China's Anti-money-laundering Office.
On August 1, the central bank, China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission jointly issued regulations that allowed financial institutions to track customers' ID information and record their transactions history. From then on, depositors who save more than 50,000 yuan at one time in banks must present their ID card to the bank. This is considered as one of the measures to fight against money laundering activities.
China has established a rather severe punishing system against money laundering. The punishing system focuses on two aspects. On the one hand, it requires financial institutions to set up regulations on money laundering activities. If they do not establish related regulations, they will be punished. On the other hand, criminal suspects who conduct money laundering activities will be subjected to criminal punishment. The public security department will place their money laundering cases on file for investigation and prosecution. According to related laws, the People's Bank of China is the administrative body under the State Council to deal with money laundering cases. It is authorized to punish any financial institutions which violate anti-money-laundering laws with a fine between 500,000 yuan and 2 million yuan. If the money laundering activities lead to some bad consequences, the fine can reach up to 5 million yuan. So far, the system has worked well and many banks have established related systems against money laundering, Tang Xu noted.
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