China's central bank tackles money laundering

CHINA - The People's Bank of China has formed a division to combat money laundering, a crime that involved up to 200 billion yuan (HK$188.6 billion) on the mainland last year.

By early next year, commercial financial institutions on the mainland will be required to establish similar bodies under a new legal framework, according to a report by the official newspaper Financial and Economic News.

The central bank set up an ad hoc anti-money-laundering group last autumn comprising members of variou