China’s Central Bank helps police to combat Money Laundering
On September 4, 2008, China’s central bank published a report with an announcement that it helped police uncover 89 money-laundering cases last year. These last year’s cases involved USD 4.2 billion.
According to the People’s Bank of China (PBOC), about a half of the cases were related to underground private banks. This was revealed by the bank in its China Anti-Money-Laundering Report 2007. One third of these cases happened in the southern economic powerhouse of Guangdong Province, while approximately 10% of them involved drug-related crimes.
Altogether 328 cases were investigated with the help of the PBOC.
In accordance with the report, “China has established a relatively integrated system against money-laundering in the past 5 years.