After five years, the account holder must re-register the account in his or her true name only. Anonymous accounts will be phased out in 2005. The PBOC also has issued rules concerning the recording and reporting of currency transactions at the county level, as well as a circular to Chinese banks regarding the reporting of suspicious transactions. However, central bank supervisors do not verify compliance with these rules. In addition, the PRC has foreign currency exchange controls.
Commercial banks require PRC citizens to justify the exchange of RMB into a foreign currency.
Requests for exchanges of currency above these thresholds require advance certification through documentation of the need for the foreign currency, such as for foreign travel or commerce. The last JLG meeting took place in June 2000 in Beijing. In 2000, US enforcement and regulatory agencies hosted several law enforcement delegations from China to discuss money laundering and financial crimes. In addition, the US Departments of Treasury and Justice conducted various training seminars in the PRC featuring the enforcement and prosecutorial aspects of money laundering. In October 2000, an interagency US Government team visited the PRC to assess the need for training to help PRC authorities combat money laundering.