China will step up its anti-money laundering enforcement by bringing capital-intensive securities and insurance industries under surveillance in the near future, a senior central bank official said Wednesday.

 

Xiang Junbo, vice governor of the People's Bank of China (PBC) said regulators should make themselves ready for enforcing anti-money laundering laws in securities and insurance industry in 2006. He did not mention when the actual enforcement will begin.

 

He made the remarks in Wenzhou city, East China's Zhejiang Province, where officials from China's anti-money laundering agencies met Wednesday.

 

Xiang said China made important progress in anti-money laundering in 2005, as indicated by the drafting of the anti-money laundering law, better coordination among relevant agencies and much more frequent inspections at banks.

 

China has taken solid steps in pursuing international cooperation and preparations for China to join the "Finance Action Task Force," he said.

 

He urged regulators to be more innovative in finding new tools and methods in law enforcement.

 

(Xinhua News Agency March 2, 2006)