China is widening the net to monitor flows of illicit money in a bill drawn up to combat rampant money laundering and its upstream crimes, such as smuggling, drug trafficking, and bribery.

The Bill of Anti-Money Laundering was submitted to the Standing Committee of the National People's Congress, or the top legislature, for first review on Tuesday and it is expected to be passed into law after at least three rounds of reviews, according to China's law-making procedure.

The draft legislation, aiming to set up an all-around monitoring system, has widened the track-down scope of suspicious money flows from the banking sector to cover insurance and securities firms, law firms, accounting agents, and businesses such as real estate, jewelry sales and auction.

The bill ordered these businesses to data-base clients' background information, report large and suspicious transactions to the money-laundering information collecting center for analysis.