BEIJING - A senior central bank official has stressed the need for increased efforts to combat money laundering. Yin Yong, vice-governor of the People's Bank of China, said authorities should fight money laundering as an important task in "preventing and controlling financial risks and safeguarding financial system security."

China faces a "severe and complicated" situation concerning combating money laundering amid rising financial risks and even more stricter international standards on fighting money laundering, Yin said at a briefing.

He said there should be rigorous efforts to prevent and control money laundering and terrorist financing, and more reform to improve the country's mechanisms to counter money laundering, terrorist financing and tax evasion.