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Anti-Laundering Investigators Eye $660 Billion of Transactions in China
Central News Agency
TAIPEI--By the end of 2003, the State Administration of Foreign Exchange (SAFE) has received approximately 2.7 million cases of large and suspicious trades of foreign exchange funds from the foreign-exchange-appointed banks. The amount of the money involved is US$661.7 billion. On average, SAFE has 2000 names of companies and individuals that are being investigated by its branch offices.
According to the China News Agency, an official from SAFE disclosed that in the area of foreign exchange, an anti-money laundering mechanism has been formed with the banks, SAFE, and executive departments such as the public security departments. Through this mechanism, the banks will report large and suspicious trades of foreign exchange funds. The SAFE will examine and analyze the numbers from the banks and conduct initial investigations on the suspicious trades. The public security departments will then investigate and handle alleged crimes.
The report from China News Agency said that ever since the anti-money laundering mechanism has been formed in the area of foreign exchange, SAFE has found and finished investigations on important cases involving underground banks and illegal foreign exchange trades. They also found clues for critical cases involving national financial safety.
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