China threatens money launderers with higher fines
PENG QINQIN and LIAO ZHAOLONG, 03 June 2021
China is planning to beef up its law against money laundering with higher fines and a broader scope, according to a draft revision that would be the first update to the law in more than 14 years.
The People’s Bank of China (PBOC) on Tuesday released a draft of the revised Anti-Money Laundering Law that aims to adapt to changing financial practices and growing money laundering risks at home and abroad.
The revision would extend the scope of the law, which came into effect in 2007, to improve enforcement against terrorist financing and stipulate nonfinancial parties’ obligations in preventing money laundering. It would also increase fines for violating the law and failing to comply with preventive measures. Continue reading “Article: China threatens money launderers with higher fines”
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What happened
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