Warning on money laundering
27 October 2004
The State Administration of Foreign Exchange warned in a posting on its web site that financial firms flouting anti-money laundering laws could face closure and fines of up to RMB 300,000. People's Bank of China estimates suggest money-laundering runs to RMB 200 billion a year. With the new rules, any institution allowing client companies to open foreign-exchange accounts without checking applications thoroughly could face fines, which begin at RMB 50,000.
