China is readying a revision of its law on money laundering, signalling a hardening of penalties for financial crimes and a desire to keep practices in line with international standards.
As China prepares for its annual legislative sessions, the methods used last year to prop up economic growth appear less reliable than before, prompting calls for a large-scale re-evaluation of policies and prospects.
China’s State Council has told local governments the imposition of heavy fines as a means of generating revenue would not be tolerated, putting those offices in a bind as traditional funding sources have dried up.