BEIJING, Dec. 27 (Xinhua) -- China's counterterrorism law gives central government the power to temporarily freeze the funds of organizations suspected of financing terrorism.

The new law stipulates that State Council anti-money laundering authorities may investigate and freeze suspicious capital that could be involved with terrorism.

Government departments in charge of accounting, finance and taxation must report suspicious cash flows to the police. Customs must also report to the State Council or police on discovering suspicious cash or bearer securities.

The law also states that institutions must cooperate with the government and the police in freezing suspect capital.

The new law comes at a delicate time for China and for the world at large - terror attacks in Paris, the bombing of a Russian passenger jet over Egypt, and the killing of hostages by the Islamic State are alerting the world about a growing threat of terrorism.