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China Fines 12 Financial Institutions for Relation to Laundering Schemes: Report
By Matt Squire
printChina's central bank fined 12 Chinese financial institutions in the first six months of 2008 for involvement with money laundering, according to a report by China Daily. The monetary penalties by the People's Bank of China totaled 2.25 million yuan, or $329,000, according to a September 26 story by the news agency. While the Chinese regulator did not name the penalized institutions, it did say it had "checked" 1,084 financial institutions, including 907 banks, for money laundering compliance, according to China Daily. Because the total fines are relatively low, making the enforcement "a drop in the bucket" for the 12...
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