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China ramped up crackdown on money laundering, non-financial sectors also targeted

Last updated on November 14, 2019

Chinese authority ramped up its crackdown on money laundering and terrorist financing last year, with penalties for violations of related regulations surging almost 55 per cent from 2017 and meanwhile, the tightening scrutiny expanded into non-financial sectors.

The People’s Bank of China (PBOC) imposed totaling 166 million yuan penalties on institutions for violating money-laundering regulations in 2018, surging 54.6 per cent from a year earlier, according to a recent statement released by the . . .

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