Value in money laundering doubles in China

The amount of money involved in money laundering in China has more than doubled in 2005 from RMB4bn ($500m) to RMB10bn ($1.25bn), the central bank said on Thursday 24 August.

More than 50 confirmed cases of money laundering in China were reported in 2005, the same as in 2004.

The report, which is produced by the China Anti-Money Laundering Monitoring and Analysis Centre of the central bank, also said that financial institutions reported nearly 2m suspect foreign exchange transactions in 2005. T