BEIJING, July 14 -- Corrupt government officials fleeing the country is no longer an event of particular note.

    Before leaving the country, almost all of them launder illicit income and move the funds out of China.

    But these people cannot be persecuted for money laundering. The definition of money laundering in China's Criminal Law only covers attempts to conceal the true sources of dirty money connected to drug trafficking, smuggling, terrorism and other activities of underground societies.

    Reports on how criminals move their assets outside China often show it is not very difficult to launder dirty money and transfer it overseas.

    China published its first-ever national anti-money laundering report on Tuesday, which reflects the country's escalating efforts to combat the scourge.

    The legal definition of money laundering must first be broadened.

    Without this, money laundering investigators, who are key to economic crime policing efforts, are not legally entitled to track money obtained through embezzlement or bribery.

    Such cases have been on the increase in recent years. One of the key reasons is ineffective anti-money laundering investigations.

    The narrow definition also hinders the police in their efforts to seek international assistance in chasing suspects.

    A better co-ordinated, sophisticated anti-money laundering network covering banking, securities, insurance and property should be established.

    A nationwide system that could track income sources of every citizen is urgently needed.

    Such a system would be crucial not only for spotting corrupt officials but also criminals who launder their money through other channels, such as the drugs trade and smuggling.

    In fact, this system is also desperately needed for other purposes, such as taxation and credit ratings.

    Calls for such a system were made more than a decade ago. However, the country has been disappointingly slow to implement the idea.

    In 2003, the People's Bank of China promulgated anti-money laundering rules at financial institutions, which require the monitoring of suspicious transactions.

    But it is not the case that banks rigorously pursue such rules. Considering cut-throat competition for savings, many banks are lax in their monitoring work.

    It is encouraging to see the stepping up of efforts in the nation's anti-money laundering fight. But the combatants should know they have to face many challenges.

    (Source: China Daily)