Stronger Anti-Money Laundering Provisions in China

In 2007, China’s anti-money laundering (AML) law became effective, improving supervision. However, the system still had inefficiencies, leaving a gap between China’s international participation in this field and its international status.

By 2020, the State Council, China’s cabinet, expects to improve and correct weaknesses of the supervision mechanism to effectively prevent and control money laundering, terrorist financing and tax evasion.

Further, China will reinforce coordination of government supervision and should enhance AML and anti-terrorist legislation in order to strengthen risk monitoring and supervision on abnormal cross-border capital flow and non-financial entities such as real estate agencies and precious metal and jewelry sales companies.

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