Learn Mandarin online - Anti Money Laundering Act expected mid-year

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Anti Money Laundering Act expected mid-year

www.chinanews.cn 2005-02-18 12:53:01

Chinanews, Hong Kong, Feb. 16(By Guan Xiangdong) - Li Ruogu, Deputy
Governor of the People's Bank of China, revealed today that the expected
publication date of the national "Anti Money Laundering Act" has been set
for the middle of 2005. He made his announcement at an international anti
money laundering conference in Hong Kong. This year, China will strive to
become a formal member of the Financial Action Task Force on Money
Laundering (FATF).
Li also pointed out that China has signed and approved a series of
international anti money laundering and anti terrorist financing
conventions; money laundering was specifically defined as a criminal act
in China, and regulations such as the "Anti Money Laundering Regulations
on Financial Organizations" have already begun to combat corporate money
laundering. In addition, China has established procedures for due
diligence investigations of bank customers, a transaction record keeping
system and a reporting system for substantial and suspicious transactions
by financial organizations.
Li said that in terms of international cooperation, China had joined the
Europe-Asian Group against Money Laundering and Terrorism Financing (EAG)
on October.16, 2004. He also stressed that China has taken an active role
working with the group. China is now gradually establishing a bilateral
cooperation mechanism with its neighboring countries, such as Russia,
Hong Kong and Macau. Li clearly wanted to emphasize that China had begun
drafting the "Anti Money Laundering Act" last July and expects to publish
it in the middle of this year.

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