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China's Fudan University will unveil the country's first money laundering studies center today in an effort to fight growing financial crime.

 

Set up by Fudan's school of economics, the China Anti-money Laundering Monitoring and Analysis Center will invite domestic economic, financial and legal experts to identify the latest money laundering methods and world developments.  

 

On a regular basis researchers will discuss and work out proposals on how to prevent money laundering. Their ideas will be submitted to the People's Bank of China (PBOC) and other government bodies for reference. PBOC employees will start their training at the center in January, center officials 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," said Liu Liange, director of the PBOC's money laundering bureau at a seminar in Fudan yesterday.

 

The country's top legislative body passed China's first money laundering law at the end of last month, ruling that financial institutions can be fined up to five million yuan (US$625,000) if they allow money to be laundered.  

 

Financial institutes will also be required to report cash transactions of more than 200,000 yuan or US$10,000 in foreign currency to the central bank. The law is expected to come into effect next January.

 

However, the country still lacks professional training to prevent money laundering. No Chinese universities have set up money laundering courses to date. "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," said Yan Lixin, the center's secretary-general.

 

(Shanghai Daily November 28, 2006)