Chinanews, Beijing, Dec. 5 – A large money laundering case was uncovered in Shanghai, with a total of 5 billion yuan involved, the largest case since the foundation of New China. The case was revealed by the People's Bank of China (PBC) Shanghai Headquarters in a joint action against fake assessment activities with the Shanghai Municipal Discipline Inspection and Programming Office, Shanghai Municipal Bureau of Industry and Commerce, and Shanghai Banking Regulatory Commission, the China Business Times reported.

 

In last March, Shanghai set up a joint conference system against money laundering. On the first session of the meeting, the Shanghai municipal government established a coordinative scheme among various departments.

 

By reporting and analyzing the information of large suspicious transactions, the People's Bank of China's Shanghai Headquarters strengthens its efforts to monitor the accounting records of suspicious transactions occurring remotely and further improve the checking system against these cases. From January to October this year, the People's Bank of China's Shanghai Headquarters had received a total of 100,253 reports on suspicious cases, which included 971,425 large transactions on foreign currencies and 583,490 suspicious transactions on foreign currencies.

 

A person at the PBC Shanghai Headquarters said that in order to better monitor money laundering cases in Shanghai, the PBC Shanghai Headquarters will further strengthen its efforts to crack down on money laundering by various means.