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Bigger fines needed to prevent FTZ financial crimes, expert says
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BIGGER fines are needed to help prevent financial crimes, an expert said at a forum in Shanghai regarding the city’s experimental free trade zone.
Wang Zhuohuai, director of the Shanghai Banking Regulator Bureau's FTZ banking service supervision department, said current fines in China are too low to dissuade some businesses from cutting corners and breaking the law.
She suggested passing laws that allow supervisors to impose hefty fines on companies that have broken the rules.
She also recommended that the supervision capacity be in line with the openness of the market.
The forum included eight local experts including a government think tank representative, banking executives and judicial officials. It was sponsored by the Shanghai Financial Legal System Research Institute.
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