The People's Bank of China (PBOC), China's
central bank, is to take over supervision of anti-money laundering activities from the Ministry
of Public Security.
The decision was made by the Standing Committee of the NPC,
the country's top legislature, in an amendment draft of a major banking law.
Ministry of Public Security and State Administration of Foreign Exchange (SAFE) both have
specialized departments to deal with money laundering crimes and these will be brought
together to work under the central bank.
SAFE alone uncovered more than 12,000
illegal operations in foreign currencies, with a combined value of US$9 billion, last year.
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