China to Start Three-Year Crackdown on Money Laundering

(Bloomberg) — China will start a nationwide crackdown on money laundering from 2022 to 2024, after stepping up regulatory efforts in recent years.

Eleven government agencies will carry out the campaign, which is aimed to “stop the spreading trend of money laundry and other related crimes,” the People’s Bank of China said in a statement Wednesday.

The PBOC has investigated and punished money laundering cases with greater intensity in recent years. In June, police arrested over 1,100 people in a sweeping crackdown on the use of cryptocurrencies for money laundering.