Manila, Sep 22, 2006 AEST (ABN Newswire) - Asian Development Bank (ASX: ATB) will help strengthen the People's Republic of China's (PRC's) efforts against money laundering through a US$400,000 grant.
The PRC currently does not have a law to define and criminalize money laundering, or specifically provide measures to address money laundering. The law would provide the guidance and center for development of the legal and implementation framework for anti -money laundering activities requiring effective coordination of more than two dozen authorities.
"With the increasingly dynamic activities in the PRC, and the deepening global integration of the PRC's economy, strengthening its anti-money laundering (AML) system is critical to meeting internationally accepted standards against money laundering and the financing of terrorism," says Rita O'Sullivan, Senior Counsel at ADB's Office of the General Counsel.
"A strong AML system will strengthen efforts to fight economic crimes and limit their damage to the economy."
The grant will provide technical expertise to help the Government finalize a proposed AML law, and help establish coordination and cooperation mechanisms among the various agencies involved. The grant will also develop an implementation manual, as well as a comprehensive action plan.
The Government will contribute $100,000 equivalent toward the project's total cost of $500,000, in the form of counterpart staff, facilities, and other administrative needs. The project is due for completion at the end of December 2007.
Contact
Tsukasa Maekawa
Email: tmaekawa@adb.org
Tel:+632 632 5875; Mobile: +63 918 939-9059
Graham Dwyer
Email: gdwyer@adb.org
Tel:+632 632 5253; Mobile: +63 920 938-6487
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