November 11 2019
The Chinese central bank has handed out hefty fines to financial institutions for money laundering practices as the government steps up efforts to counter such activities.
In targeted crackdowns last year, the People’s Bank of China (PBOC) fined institutions a total of 166 million yuan (about 23.7 million U.S. dollars) for money laundering, up 54.55 percent year on year, according to a report by the central bank.
