Sweeping revisions to China's law against money laundering are in the works, as the world's second-largest economy steps up efforts to curb illicit capital flows that could threaten not just the security of its financial system, but also its international reputation.
China's legislature reviewed last week a new draft of the law which has not been updated since its promulgation in 2007 and is now soliciting public feedback on the text until May 25.
China is grappling with new technologies that complicate antilaundering efforts by obfuscating the source of funds, such as cryptocurrencies and other virtual fintech assets.
The revisions to the law also precede an upcoming evaluation of China's anti-money laundering regime by the Financial Action Task Force (FATF), a leading international watchdog that sets global standards.
"In recent years, our anti-money laundering efforts have exposed a number of problems," China's central bank governor Pan Gongsheng was reported by state media to have said.
Among these are institutions' inadequate fulfilment of anti-laundering obligations, insufficient information sharing, and "new types of money laundering risks" against which safeguards have "yet to be strengthened".
These are on top of several deficiencies the FATF had flagged when it last evaluated China's efforts from 2018 to 2019, the reports noted.
To plug these gaps, China's new draft law - which now has 62 articles, up from the previous 37 spells out institutions' anti-laundering requirements in greater detail, provides for more scrutiny of their actions, and imposes harsher penalties for non-compliance.
Bu hikaye The Straits Times dergisinin April 29, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Straits Times dergisinin April 29, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
FINALLY, A FIRST GOLD FOR PERKINS
Patience rewarded for French jockey whose rides, let alone good ones, have been scarce
TOUGH MARE SEALS LAST TOUR DE FORCE WITH A WIN
French fields beckon as Lim’s Force goes out with a bang, leading rare Zaki riding double
Banks' earnings expected to stay strong with higher-for-longer rates
S’pore bank chiefs optimistic about net interest margins, but headwinds remain
Spending spree led by US, EU pushes rivalry with China to critical turning point
WASHINGTON by the United States and European Union have funnelled nearly US$81 billion (S$110 billion) towards cranking out the next generation of semiconductors, escalating a global showdown with China for chip supremacy.
Archegos founder on trial for securities fraud
Archegos founder Bill Hwang was scheduled to go on trial on May 13 for alleged securities fraud and market manipulation, prosecutors said, following the fund's spectacular 2021 implosion that cost large banks billions of dollars.
Changi Airport’s heavy and specialised vehicles to trial use of renewable diesel
As part of a further move to lower the aviation industry's carbon footprint, trials on the use of renewable diesel for heavy and specialised airside vehicles will be conducted at Changi Airport.
Convict deported to Cambodia faces possible extradition to China
Beijing has an extradition treaty with Phnom Penh, but not with S’pore
Sellers welcome option to market resale flats on HDB portal by themselves
They can market their unit at their own pace and save on property agent fees
US gurus’ push false claims to attack birth control pills
They monetise misinformation to hawk healing’ oils and fertility-tracking service
Wildfires in Western Canada spark evacuation orders, air quality concerns
The season’s first major wildfire continued to spread to roughly 10,000ha across Western Canada on May 12 as the authorities issued an evacuation order for a community in British Columbia and warned of poor air quality across provinces.