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China Reports Surge in Suspected Money Laundering Cases
printChina's central bank reported that suspected cases of money laundering rose to 387 billion yuan, or $52 billion, last year from 32.8 billion yuan in 2005, according to a Bloomberg News report. The People's Bank of China said 662 banks, including 10 foreign lenders, were fined a total of 40.5 million yuan for money laundering violations in 2006, Bloomberg News reported on its website, citing a report issued by the central bank on November 5. Suspicious foreign currency transaction increased 112 percent in 2006 to 4.22 million, according to the report. The People's Bank of China issued enforcement action against...
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