China rules on freezing terror assets

Source: Xinhua | January 17, 2014, Friday |

Online Edition

A rule enabling Chinese banks to freeze terrorists' assets has come into force, the People's Bank of China said on Friday.

The rule, made jointly by the People's Bank of China, the Public Security Ministry and the State Security Ministry, went into effect on Jan. 10, according to the central bank website.

According to the bank, the measure will prevent terrorism and is in accordance with a United Nation's requirement that all nations freeze, without delay, funds or other assets of terrorists.

The nation's top legislature required financial and certain non-financial organizations to freeze terrorists' assets in 2011. Friday's regulation further details the process.

Assets of terrorists will be frozen immediately after the Public Security Ministry releases the names of terrorists.

The regulation mainly applies at home, but also has effects on overseas branches and affiliates of relevant organizations, the statement said.

Nation

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China rules on freezing terror assets

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