Crackdown on financial crime will be stepped up by Chinese police

Crackdown on financial crime will be stepped up by Chinese police

Chinese police is on the verge of intensifying a crackdown on financial crime for the purpose of safeguarding national security and fending off financial risks. That’s what the public security ministry informed on Tuesday.

The ministry has already launched a series of targeted actions just to clamp down on pyramid schemes, illegal fundraising, fake currencies, financial frauds, underground banks as well as bank card crimes.

The crackdown has emerged at a time when the Chinese government is paying much attention to tightening regulation and also suppressing risky as well as illicit practices in the financial sector. It’s because China's major financial institution warned of "complex, hidden, contagious, hazardous and sudden" latent risks, which keep accumulating in the system.

The ministry told it’s going to closely watch crimes, which involve the online finance industry, securities, illegal fundraising, futures markets and banks.

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