Title: China’s Anti-Money Laundering Law Revision: Strengthening China’s Position against Financial Crimes in the Digital Age

Chinese Prime Minister Li Qiang Presides over State Council Meeting to Discuss AML Law Revision

On January 22, 2024, Chinese Prime Minister Li Qiang led an executive meeting of the State Council to discuss revisions to China’s Anti-Money Laundering (AML) Law, according to reports from Jiemian News. The updated legislation aims to tackle critical issues and strengthen China’s stance in the global fight against financial crimes.

Reasons for the AML Law Revision

1. Advancements in technology: Digital currencies have become an increasingly popular tool for money launderers, evading detection due to the anonymity they offer.
2. International compliance standards: As a member of the Financial Action Task Force (FATF), China needs to adhere to international regulations and improve its internal evaluations.

Key Provisions of the Revised Law

Expanding Scope

The AML law’s coverage will be expanded to include specific non-financial institutions, aligning it with international guidelines and broadening its impact.

Addressing Digital Currencies

The revised law will include provisions to address money laundering tied to digital currencies, indicating China’s intent to regulate digital assets further.

Collaboration on a Global Scale

The updated legislation emphasizes collaboration on a global scale, with China pledging to work alongside FATF and other nations to curb money laundering activities.

Protecting Vulnerable Citizens

The law will place a greater emphasis on protecting vulnerable citizens, including those unintentionally involved in money laundering cases, reaffirming China’s commitment to upholding international obligations.

Unwavering Commitment to Combating Money Laundering and Implementing International Standards

Amid the evolving financial landscape, China’s unwavering commitment to fighting money laundering and adhering to international standards has become more crucial than ever.

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