Money laundering to be monitored

The People's Bank of China is working to set up a department to detect money laundering, South China Morning Post said. The department is expected to be working with domestic commercial banks and the legal system by next year. Money laundering was made a crime in 1997, but it was not until late last year that the central bank and the State Council set up taskforces to find ways to implement the law. The new unit will look to cut off funds for terrorist organisations as well as stem corruption and tax evasion.