Anti-money laundering law updated – Chinadaily.com.cn

According to a recently amended law, China will strengthen monitoring of emerging money laundering risks and improve its financial regulatory system to further ensure financial safety.

The revised anti-money laundering law was passed on Friday by the Standing Committee of the National People’s Congress, the country’s top legislature, as it concluded its final session.

“With the rapid development of our financial industry and the continuous changes in the anti-money laundering situation, we have seen a number of new problems and challenges in this area,” the Committee on Legislative Affairs of the NPC Standing Committee said in a statement.

“For example, our supervision and coordination against money laundering are not smooth, the ability to monitor and prevent new risks is not strong, and the prevention and combating of illegal and criminal activities such as ‘underground banking’ are not sufficient,” the spokesperson said. the committee said, adding that this was why the law was revised.

The newly amended law not only supports technological innovation in the field of anti-money laundering, but also urges government departments in charge of anti-money laundering to take swift measures to combat new types of monitor money laundering risks associated with emerging sectors and companies.

The law allows government agencies to strengthen anti-money laundering supervision, but emphasizes that the measures must be taken while ensuring normal financial services and capital flows.

In addition, the law updates the definition of anti-money laundering in the new era, clarifying that it refers to actions taken to prevent and curb activities that undermine the origin and nature of criminal proceeds and illicit profits conceal or conceal it, as well as related criminal activities, including measures against the financing of terrorism.

In addition, institutions offering anti-money laundering services and their staff are also required to properly handle data and content to ensure data security and privacy protection, according to the law that comes into effect on January 1.

The committee said the amended law will not only be conducive to maintaining order and preventing risks in the financial sector, but also help curb crimes upstream and improve international cooperation against money laundering.

China has stepped up efforts to ensure financial security in recent years. Strengthening supervision in this sector and focusing more on preventing financial risks have been emphasized in the guiding principles of the 20th National Congress of the Communist Party of China.

On Friday, Chinese lawmakers also passed several other laws, including a law on preschool education, a revised law on the protection of cultural relics, a revised law on mineral resources and an energy law.

The NPC Standing Committee also decided to appoint Liu Wei as China’s Minister of Transport, replacing Li Xiaopeng.