Laundering legislation to spread net wider

Anti-money laundering efforts will be expanded to include the insurance, securities and real estate sectors as well as the sale of precious jewelry, as part of a campaign to rein in corruption, state media reported. In the past, policing efforts have focused on banks, with China's 17 commercial banks making more than 650,000 reports of suspicious transactions involving US$108 billion since the central bank established its anti-money laundering unit in April 2004. About 1,500 of these cases were handed over to the authorities for investigation.