China to combat money laundering along Belt and Road

China will strengthen cooperation in regards to anti-money laundering with countries and regions along the Belt and Road Initiative, a senior central bank official said on Thursday.

The country will also enhance domestic enforcement of international sanctions at home, said Guo Qingping, vice-governor of the People's Bank of China.

"Combating the financing of terrorism regimes and spread of massive weapons of destruction have become the new battle field for anti-money laundering," Guo said at the Sixth China Anti-Money Laundering Summit at Fudan University in Shanghai.

Real estate and precious metal trading have become new avenues for such crimes, with internet finance and third-party payment channels dealing a further blow.

China has established an inter-ministerial mechanism led by the bank with 22 other government agencies, including the Ministry of Public Security and the Supreme People's Court, to combat illegal money transfers.

A statistics system is also being set up to increase surveillance and analyze data on such crimes being committed through the internet.