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.

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