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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: China toughens laws on corruption, insurance: reports AFP - 1 hour 31 minutes ago BEIJING (AFP) - - China has tightened laws to hand out stiffer punishments to government officials and their families convicted of bribe-taking and nepotism, state media reported Sunday. ADVERTISEMENT Passage of amendments to the criminal law came as the standing committee of parliament also amended Saturday insurance laws to stop insurers from making risky investments in capital markets, Xinhua news agency said. The revised criminal law doubles the punishment to 10 years in prison and increases fines for officials who are found in possession of large amounts of money or property that cannot be accounted for, the report said. The newly amended law also "bans relatives of people who have close relations with government employees from conducting corrupt deals between the employee and bribe-givers," it said. The new law not only targets family members of government officials, but also their lovers, classmates and other acquaintances, and places detailed curbs on "power-for-money" transactions and financial crimes, it said. President Hu Jintao has said the fight against corruption is linked to the survival of the ruling Communist Party and has pledged to curb official graft which has become a source of widespread social dissatisfaction. The newly amended law took effect on Saturday at the close of a legislative session of the National People's Congress standing committee and ahead of the annual meeting of the full parliament which opens on Thursday. The legislative session also passed amendments to insurance laws which give the government's insurance regulatory body the power to halt transactions by insurance companies and their subsidiaries that are deemed too risky, Xinhua said in a separate report. For insurance companies with inadequate solvency, the new law also authorises the regulatory body to restrict salaries of the company's board members and senior administrators, it added. The law also expands the investment choices for insurance companies to stocks, securities-investment funds and property, as well as government bonds and financial bills. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Asia Pacific Sri Lanka govt troops hit rebel resistance: reportAFP - 43 minutes ago Australian gang film pulled from cinemas after brawlsAFP - 54 minutes ago Train hits bus in northern India, killing 11AP - 1 hour 1 minute ago China toughens laws on corruption, insurance: reportsAFP - 1 hour 31 minutes ago Fears gale-force winds will whip up Australian wildfiresAFP - 1 hour 48 minutes ago Enlarge Photo China toughens laws on corruption, insurance: reports Most Popular – Asia Pacific Viewed Supermodel Bundchen ties knot with football star Brady Volkswagen to cut all temporary staff RBS posts record British loss, offloads toxic assets US economy shrinks stunning 6.2 percent Mexico's Pemex declares 7 bln dollar loss View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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