Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
CO-PRESENTED BY
LIVE TV DownloadNews18 App
News18 English
»
2-min read

China to Back Fight Against Terror Financing, Money Laundering in Non-financial Sectors

The People's Bank of China (PBOC) has already started monitoring and analysis in some of these sectors and will work with relevant government departments on anti-money laundering rules for non-financial industries, the state-run Xinhua news agency reported on Saturday.

PTI

Updated:September 30, 2017, 8:27 PM IST
facebookTwittergoogleskypewhatsapp
China to Back Fight Against Terror Financing, Money Laundering in Non-financial Sectors
The flag of the People's Republic of China. (Image for representation only)
Loading...
Beijing: After backing the BRICS declaration on terrorism naming Pakistan-based militant groups, China on Saturday said it will extend support to the fight against terrorist financing and money laundering in non-financial sectors.

"Money laundering and terrorist financing activities are gradually spreading to some non-financial sectors," the People's Bank of China (PBOC), the country's central bank, said in a statement, noting the risks in sectors like real estate intermediary services and jewellery sales.

The PBOC has already started monitoring and analysis in some of these sectors and will work with relevant government departments on anti-money laundering rules for non-financial industries, the state-run Xinhua news agency reported on Saturday. Since China's anti-money laundering law became effective in 2007, supervision has improved, covering almost every financial sector, such as banking, securities, insurance, non-banking payment institutions and bank card clearing institutions.

According to a government guideline, made public earlier this week, China will coordinate supervision to counter money laundering, terrorist financing and tax evasion. By 2020, China should be able to effectively prevent and control money laundering, terrorist financing and tax evasion by improving laws and regulations and coordinating the work of different government departments, the statement issued last night said.

Observers say China's backing for anti-money laundering and terror financing efforts could lead to more effective measures at the international level to cut sources of finance to global terror outfits.

Shedding its earlier reservations, China had backed a tough declaration at the BRICS Summit earlier this month in Chinese city of Xiamen and identified Taliban, ISIL/DAISH, Al-Qaida and its affiliates, including Eastern Turkistan Islamic Movement, Islamic Movement of Uzbekistan, the Haqqani network, Lashkar-e-Taiba, Jaish-e-Mohammad, Tehreek-e-Taliban Pakistan and Hizb ut-Tahrir as terrorist groups.

"We deplore all terrorist attacks ... and condemn terrorism in all its forms and manifestations wherever committed and by whomsoever and stress that there can be no justification for any act of terrorism," the Brazil, Russia, India, China, South Africa, (BRICS) statement had said. Considerable significance was attached to China endorsing the statement specially against militant outfits based in Pakistan, its closest ally, at the BRICS Summit in Xiamen as it had resisted their inclusion at last year's Summit in Goa.

The PBOC also dismissed concerns over strengthened government supervision of abnormal cross-border capital flow, saying that the monitoring will not disrupt normal and legal use of cross-border capital.

The monitoring work will be carried out backstage and does not require further information from citizens and enterprises, the central bank said.
| Edited by: Bijaya Das
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
 

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results