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China launches campaign against underground banks

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Beijing: Chinese police have launched a nationwide campaign against underground banks to maintain order in the financial and capital market, the police said on Monday. Meng Qingfeng, vice minister of the public security, urged the police to fully understand the harm of underground banks to the national economic security and the order of the financial market, Xinhua reported.

CHINA_UNDERGROUND_BANKING_44892805A similar campaign was launched in April by the Ministry of Public Security (MPS), the central bank and the State Administration of Foreign Exchanges to stop transfers of illicit money through offshore companies and underground banks. The campaign uncovered several major cases involving more than $67.2 billion, Meng said.

Meng said underground banks are still rampant and becoming a channel for other crimes to transfer illicit assets. They have also disturbed the financial and capital market. Meng urged police around the country to better coordinate with the central bank and the foreign exchanges regulator in the campaign, which will run from now to the end of November.

(IANS)

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Ministry of Public Security announces Jail remission for nearly 25,000 prisoners in Vietnam

Ministry of Public Security has proposed remission of sentence for 11 inmates from life to 20-year jail and 117 from life sentence to 30-year in prison

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At the United Nations' prisoner-of-war camp at Pusan, prisoners are assembled in one of the camp compounds. The camp contains both North Korean and Chinese Communist prisoners. April 1951. Gahn, State Dept. (USIA) Representational Image. Image source: Wikimedia Commons

Vietnam, September 1, 2016: As many as 24,826 prisoners across Vietnam shall benefit from the remission of sentence ordered ahead of the country’s 71st National Day on September 2, it was announced on Thursday.

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As per the list of prisoners set to benefit from the measure, the Ministry of Public Security has proposed remission of sentence for 11 inmates from life to 20-year jail and 117 from life sentence to 30-year in prison, Xinhua news agency cited the state-run news agency VNA as having reported.

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Nguyen Ngoc Bang, head of the ministry’s General Department of Police for Enforcement of Criminal Sentences and Judicial Assistance, said the beneficiary prisoners would be granted reduced term of imprisonment. (IANS)

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