China Law Goes After Money Laundering
China’s top legislature passed an ant-money laundering law that includes accepting bribes.
In addition to accepting bribes, violating financial management regulations and financial fraud will also be crimes.
The law will take affect on Jan. 1, next year.
Until now, money laundering meant only drug trafficking, organized crime, terroist crimes and smuggling.
The People’s Bank of China will act as the nerve center and its provincial branch offices will have investigative rights when there are suspected funds transfers.
So, it seems the bribers and bribed will soon have their places in the lake of fire and brimstone with the druggers, mafia, smugglers and terrorist.
China does not treat financial crimes lightly. For some reason, and I am not quite sure why, the Chinese get quite serious when it comes to handling funds. (Ask my wife.)
In some cases the guilty will receive the death penalty.
So, why are Chinese so serious about money?
Somebody teach me, please.
Leave a comment!