BEIJING, Feb. 18 (Xinhua) -- China's central bank said in a report released Friday that it would intensify efforts to prevent money laundering over the next five years.
0 i3 @4 ^& ?* k: @3 x The People's Bank of China (PBOC) said it had penalized more than 1,900 financial institutions for violating money laundering regulations from 2006 to 2010.
: \0 f6 T1 _3 p+ {, X* z The anti-money laundering capabilities of financial institutions had been greatly improved, said the report." L) i1 v1 ?" [4 k {
The central bank also established a system requiring financial institutions to report suspicious transactions to the PBOC.9 L* \9 W; `: B! C% _
The PBOC actively participated in international and regional anti-money laundering organizations.) l3 P5 E5 z" S' |3 r, @
In June 2007, China became a member of the Financial Action Task Force (FATF), an inter-governmental body to promote government policies to combat money laundering., J; a# R- o5 W% {* s1 g
The report said the central bank would further improve the laws and regulations and supervise financial institutions to guard against money laundering.
' ]6 e( J, ]1 ^ ?$ n4 T; A It would also enhance cooperation with other countries to monitor cross-border capital flows in order to effectively prevent money laundering. |