PBOC to take over anti-money laundering role

According to a new amendment draft of a major banking law the People's Bank of China is likely to replace the Ministry of Public Security to organize the fight against money laundering. The central bank will also guide banks and financial institutions to combat money laundering and supervise a specialized fund for the actions, the amendment draft added.

Source: Asia Pulse

China's central bank, the People's Bank of China (PBOC), is likely to replace the Ministry of Public Security to organize th

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