China vows zero tolerance for financial crimes, will review punishments
CHINA’S financial regulator said it would adopt a “zero tolerance” approach to illegal behaviour and will consider revising punishment rules to make sure those who commit crimes pay a “painful price”.
The National Financial Regulatory Administration (NFRA) said on Sunday (Jan 14) it will also strengthen communication and coordination with the nation’s judicial organisations.
The NFRA vowed to put into practice the spirit of the Central Financial Work Conference – a two-day meeting attended by top officials including President Xi Jinping in late October – to prevent and control financial risks.
“Risks will spread if effective supervision against illegal behaviour is lacking,” the statement said.
The enhanced scrutiny is part of a deepening crackdown that spans sectors from finance to health. President Xi Jinping, who has made weeding out corruption a hallmark of his leadership since taking office more than a decade ago, has promised “no mercy” in the fight and has pledged to clean up “hidden risks”.
On Friday, the People’s Bank of China also pledged to enhance its market oversight in an effort to strengthen long-term prevention of corruption. The central bank said it will keep a close eye on key issues and targets, and continue to increase the intensity of punishment for any violations and crimes.
The NFRA said it will crack down on financial fraud and the use of false certifications, and will impose punishments quickly to deter illegal behaviour. BLOOMBERG
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