China's top legislature approved a new money laundering law Tuesday requiring financial institutions and some nonfinancial ones to keep detailed records of transactions and report large and suspicious transactions to authorities, AP reported. Beijing has made tackling financial crimes in the country's banking system a key part of reforms to improve the competitiveness of domestic banks ahead of the sector's full opening to foreign competition at the end of this year. The law defines money laundering crimes as those transactions related to drug trafficking, organized crime and terrorism, as well as bribery and fraud. It also stipulates that China will cooperate with other governments against money laundering based on international treaties.
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