State Council guideline to bolster fight against financial crimes

China issued a guideline on Wednesday strengthening curbs on money laundering, terrorism financing and tax evasion. Analysts said the move will improve the country's efficiency in fighting these financial crimes.

The country will create a comprehensive legal framework and powerful regulatory coordination system by 2020 to effectively control cross-border financial crimes, according to the guideline, released by the State Council, China's Cabinet.

The guideline said that although much headway has been made in combating financial crimes, many serious problems still exist, such as incomplete regulation, inadequate coordination and failure of ministries to fully share information.