China is extending a one-year crackdown on money laundering in the insurance and securities industries as it struggles to contain the flow of speculative money flowing into its currency, the yuan.
China launched the anti-money laundering campaign, which focuses on deposit-taking institutions, in April 2004 and has since reported 1,500 cases to the police involving gambling, underground banks, money laundering and illegal foreign exchange trading. Of these, 51 cases have been cleared up, involving a total of US$843 million in yuan and dollar-denominated deposits, according to China Daily.
In an attempt to curb money laundering and other illegal financial activities, the authorities are requiring banks and other institutions to report cash deals worth more than US$10,000 by both individuals and businesses, and non-cash deals worth more than US$100,000 by individuals.
The Central Bank is also working on new regulations to help strengthen the supervision of the financial sector.
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