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12/2/06

People's Daily Online -- China uncovers largest money laundering case

For the complete report in the People's Daily Online click on this link

China uncovers largest money laundering case

Authorities in China's commercial center Shanghai has uncovered a five billion yuan (633 million U.S. dollars) money laundering case, the largest ever in the country's history. The case was exposed accidentally in a probe into falsification in business registration jointly launched by the Shanghai office of the central bank and other government agencies, the Shanghai Securities News said Friday. The report gave no details of the case other than that it involves "underground" banks, or illegal private businesses offering remittance, foreign exchange and other banking services.

Though a relatively new thing in China, anti-money laundering has been increasing attention by Chinese authorities.

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