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Chinese Parliament Adopts Money Laundering Law

China's parliament has adopted an anti-money laundering bill as part of a larger effort to attack corruption and financial crimes.

The law requires financial and some non-financial institutions to keep customer and transaction records and report large and suspicious transactions to authorities.

The law says money laundering involves crimes such as bribery and graft as well as drug trafficking, organized crime, and terrorism.

According to official figures quoted by Chinese state media, there were almost 700 suspected money laundering cases reported to police last year, involving more than $18 billion.

Some information for this report was provided by AFP and AP.