Uploaded by C. Y. Lee on Monday, March 20, 2006
China Cracks Down on Trade in Counterfeit Dollars
The Chosun Ilbo: Updated Mar.19,2006 19:59 KST
Beijing has started a crackdown on high-quality counterfeit U.S. dollars known as “supernotes,” a move many speculate is aimed at North Korea, where they are thought to originate.
The People's Bank of China on Friday issued a directive to financial institutions there to increase vigilance against fake US$100 bills they says are being smuggled into China.
The PBOC did not specify how the notes made their way to China or where they came from. But Chinese experts say the move was made with North Korea in mind, which the U.S. has accused of being behind production of the supernotes.
The PBOC said criminal organizations launder their money by a range of means and also asked bank staff to upgrade detection methods for fakes. Banks are advised to keep meticulous records of dollar transaction and the identities of people involved.
The Chinese central bank asked branches to be on the alert for any abnormalities in dollar statistics such as imports of greenbacks and report any dubious dollar trade, fakes or suspected money laundering immediately.
The step signals Beijing’s determination to stop the trade in supernotes and money laundering through Chinese financial institutions after the U.S. embarrassed the country by banning transactions with the Macau-based Banco Delta Asia, a bank Washington has singled out as North Korea’s main money-laundering channel.
(englishnews@chosun.com )
03-19-2006, 05:56 PM
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