RealNews

China moves to stem rampant money laundering

China’s parliament has introduced draft legislation to combat “rampant” money laundering that has risen on the back of a worsening major crime culture. “Money laundering has grown into a prominent problem in China, in the wake of rising serious crimes such as smuggling, drug dealing and corruption,” Xinhua news agency quoted lawmaker Feng Shuping as saying, The draft law, submitted to the Standing Committee of the National People’s Congress, or the top legislature, is expected to be passed after several rounds of hearings, Xinhua said. Full Story

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