Bank steps up anti-graft drive

CHINA / National

Bank steps up anti-graft drive

By Xin Zhiming (China Daily)
Updated: 2007-07-17 06:49

The central bank has said it will strengthen anti-money laundering
measures in its bid to fight corruption.

"(We) will use all the central bank's powers to help with society's drive
against corruption," Zhou Xiaochuan, governor of the People's Bank of
China, said at a televised national conference on Friday.

He also called for the monitoring of large-scale and dubious capital
deals to be enhanced to stem money laundering and corruption, a statement
published on the bank's website said yesterday.

China has consistently stepped up its efforts to fight money laundering.

Last year, it passed its anti-money laundering law, which took effect
from the start of this year.

Last month, the central bank released rules on the control of terrorism
financing, which require banks to report suspicious transactions to the
financial authorities.

And late last month, the country was admitted into the Financial Action
Task Force, the 33-member intergovernmental body that coordinates global
efforts to fight money laundering.

Zhou called for the credit information database to be expanded to include
more corporate and individual credit information.

The banking "real name" account system, which requires people to register
their real names when depositing money in banks, should be strictly
implemented to prevent people from using fake identities to launder money
they obtained by corrupt or illegal means.

He also said the bank should carefully investigate information provided
by the public, especially that concerning infrastructure construction and
equipment procurement.

(China Daily 07/17/2007 page3)

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