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China threatens money launderers with higher fines

Broader law would cover online micro lenders and nonfinancial institutions

The People's Bank of China aims to adapt the Anti-Money Laundering Law to changing practices and growing risks at home and abroad.   © Reuters

China is planning to beef up its law against money laundering with higher fines and a broader scope, according to a draft revision that would be the first update to the law in more than 14 years.

The People's Bank of China (PBOC) on Tuesday released a draft of the revised Anti-Money Laundering Law that aims to adapt to changing financial practices and growing money laundering risks at home and abroad.

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