SHANGHAI, China: China said Friday it was approved as a full member of the Financial Action Task Force on Money Laundering, a signal of international confidence in China's financial system.
China's membership in the organization that fights money laundering, approved in a plenary meeting of the FATF in Paris, will facilitate the expansion of China's cash-rich state banks overseas.
Many banking regulators, including the U.S. Federal Reserve, view FATF's endorsement of the money laundering efforts of a bank's home country as a key measure of its soundness to operate abroad.
China has been an observer of the body since 2005, the People's Bank of China said in a statement posted on its Web site.
http://www.iht.com/articles/ap/2007/06/29/business/AS-FIN-China-Money-Laundering.php
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