Central bank urges action on money laundering

More effort is needed to fight money laundering within China as the country becomes more integrated into global markets, the People's Bank of China has urged.

"Financial and payment institutions should attach a high degree of importance to money laundering activities and to work in conjunction with the central bank in efforts to enhance financial monitoring and financial analysis," said Guo Qingping, deputy governor of the central bank, at an annual conference on Thursday.

While discussing major anti-money laundering tasks to be undertaken this year, Guo highlighted the need to bolster measures aimed at preventing illegal crowdfunding and other types of criminal activities, which have increased in the financial sector and go beyond the economic field.

China faces a heightened risk of money laundering and terror financing, according to Guo.

The country's crackdown on financial crimes has started to gather pace in recent years, since laws against money laundering were implemented in 2007.