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Univ. of San Diego School of Law

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Tuesday, July 26, 2005

China to Enact Anti-Money Laundering Legislation

From ChinaDaily.com: "China is speeding up legislation of its first anti-money laundering law, the draft of which will be submitted to the National People's Congress, China's top legislature, for review this year....An official with PBC, China's central Bank, said the law will probably expand the scope of application into the other major areas of "upstream crimes" the sources of illicit money in money laundering.  The existing Criminal Law only extends to money laundering involving drug trafficking, organized crime gangs, terrorism and smuggling. Once extended the law is likely to include the crimes of embezzlement and bribery. The report also said the PBC is drafting regulations to tackle money laundering in the securities and insurance industries." Story... [Mark Godsey]

http://lawprofessors.typepad.com/crimprof_blog/2005/07/mark_china_to_e.html

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