CHINA: LAW ON FINANCIAL CRIMES BROADENED

CHINA’S top legislature yesterday expanded the scope of an anti-money laundering law to include accepting bribes. The definition of money laundering also has expanded to include corruption, violating financial management regulations and financial fraud. The law is expected to come into effect on January 1. Previously, the law only identified drug trafficking, organized crime, terrorist CHINA: LAW ON FINANCIAL CRIMES BROADENED