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Risk Ranking: China Revamps Anti-Money Laundering Rules - Sources

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Chinese banks must rate their clients' risk of criminal conduct on a scale of 1-5 as part of the central bank's moves to curb money laundering and fraudulent transactions estimated at hundreds of billions of dollars a year.

The new rules come as some experts cite China as the world's biggest source of 'dirty' funds and as it faces growing foreign pressure to scrutinize its financial links with North Korea and block cash transfers tied to Pyongyang's nuclear ambitions.

Global Financial Integrity, a Washington-based financial watchdog, estimated in December that China accounted for almost half of the $858.8 billion of illicit funds flowing into tax havens and western banks in 2010 - more than eight times the amounts for runners-up Malaysia and Mexico.

Over an 11-year period from 2000, China was home to $3.8 trillion worth of illicit financial flows originating from corruption, crime or tax evasion, the watchdog said. The numbers cannot be verified as there are few estimates in the market.

The People's Bank of China (PBOC), the central bank, issued its new anti-money laundering rules to financial institutions in December, requiring them to rate clients' risks based on their location and the nature of their businesses, including their levels of transparency, five accountants and bankers with knowledge of the rules said.

There's too much money involved for this to be implemented.

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who are these 'some experts'. LOL. Have they looked at the western financial centres recently?

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  • 239 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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