PARIS - China has joined the Financial Action Task Force and will be taking more steps to clamp down on money laundering and terrorist financing, the intergovernmental anti-money laundering body said on Friday.

"Although much work remains to be done in key areas, China has made remarkable progress in implementing measures against money laundering and terrorist financing," the Paris-based organisation which now has 34 members said in a statement.

"It has helpfully proposed a detailed programme of further work to address issues raised in the assessment" of China's systems for fighting such activities.

China's passed its first anti-money-laundering law late last year and on June 11 issued more detailed rules requiring banks to report any suspicious transactions in a timely fashion, clearing the way for its membership of the FATF.