[photopress:lauderedmoneysmall.jpg,full,alignright]The idea of having an MBA in money laundering seems both contradictory and, at the same time, somewhat appropriate. Fudan University will have China’s first money laundering studies center to combat growing financial crime.
Set up by Fudan’s school of economics, the China Anti-money Laundering Monitoring and Analysis Center will invite domestic economic, finance and legal experts to identify the latest money laundering methods and developments in the world.
Researchers will be organized to discuss and work out suggestions on how to prevent money laundering on a regular basis. These will be submitted to the People’s Bank of China or other governmental bodies for reference. Bank employees will also be organized to attend training at the center starting next January.
Liu Liange, director of the PBOC’s money laundering bureau at a seminar held at Fudan, said, ‘Money laundering has been proved to be an emerging challenge for the whole world, while China lags behind Western countries in anti-money laundering experience and legislation.’
China’s first money laundering law was passed at the end of last month, ruling that financial institutions can be fined up to RMB5 million yuan ($625,000) if they allowmoney laundering. Financial institutes will also be required, from January, to report cash transactions worth more than RMB200,000 yuan or $10,000 in foreign currency to the central bank.
The country still lacks professional training to prevent money laundering, however. No domestic universities have ever set up money laundering courses to date.
Yan Lixin, the center’s secretary-general, said, ‘If law enforcement officials aren’t equipped with the latest money laundering tactics, how can they identify and crack down on illegal money from smuggling, bribery and even terrorism?’
Can you take an MBA specializing in money laundering? Not as yet. But give it time.
Source: Shanghai Daily