BEIJING, Oct. 26 (Xinhuanet) -- China on Monday ordered banks to begin regular reporting of large foreign currency transactions as the country steps up its fight against money laundering, CCTV reported Tuesday.

    According to the State Administration of Foreign Exchange, new rules requiring banks and other financial institutions to report large or suspicious forex transactions would help improve efforts to block money laundering in the realm of foreign exchange.

    Transactions suspected of some criminal involvement should be reported to police. Large transactions were defined as those involving more than 10,000 US dollars in cash by an individual or business, or 100,000 dollars of non-cash instruments by individuals. Non-cash transactions of more than 500,000 dollars by businesses should also be reported. Enditem

    (CCTV.com)