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China adopts anti-money laundering law

(Xinhua)
Updated: 2006-10-31 15:50

Chinese top legislature adopts Tuesday the country's first anti-money laundering law, which broadens the definition of money-laundering crimes to include accepting bribes.

The definition of money laundering is expanded to add three upstream crimes of corruption and taking bribes, violating financial management order and financial defraud.

The law is expected to come into effect as of January 1, 2007.



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