China launches large-sum cash oversight trials
PBoC will run pilot tests on cash withdrawal monitoring, in crackdown on illicit activity
The People’s Bank of China (PBoC) launched large-sum cash management trials last week, as the central bank aims to strengthen cash regulation to crack down on tax evasion and money-laundering.
The pilot run will take place in Hebei province, Zhejiang province and Shenzhen. The PBoC will monitor cash withdrawals that exceed certain limits in the three areas.
Hebei was chosen for its “strong foundations for management of large-sum cash operations”, while the eastern Chinese province of Zhejiang
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