After stepping up enforcing regulations in recent years, China is planning to launch a nationwide crackdown on money laundering, Bloomberg reported.
The People’s Bank of China (PBOC) announced 11 government agencies will implement the campaign from 2022 t0 2024, with a goal to “stop the spreading trend of 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 money laundering cases.
Last summer, the Chinese police arrested 1,100 suspects on money laundering charges. Those detained were allegedly using cryptocurrencies to evade the law.
Read more: China Arrests 1,100 In Crypto Money Laundering Sting
China has been undergoing a national crackdown on money laundering activities related to telecom fraud, dubbed “Operation Card Breaking.” In addition to the arrests, the Chinese police have shut down 170 criminal organizations.
The PBOC said authorities will adopt a national risk prevention network designed to curb money laundering, update laws and regulations, and enhance analysis and investigation of money laundering.
“Currently, we still face a grim situation of cracking down on money laundering crimes,” the PBOC said.
The PBOC and the Ministry of Public Security will take a lead in the crackdown, while customs authorities, securities regulators, the foreign exchange as well as banking and insurance companies will help.
Money laundering is not the PBOC’s only focus.
See also: China Drafting Big Tech Blacklist to Curb Foreign Investments
As part of China’s continuing Big Tech crackdown, the PBOC and other regulators have established a blacklist intended to curtail the contribution of international shareholders in China’s next generation of tech companies.
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