China ups fines and widens scope of draft money laundering law
Stella Qiu, Lusha Zhang and Tony Munroe, 01 June 2021
BEIJING (Reuters) – China’s central bank on Tuesday issued a revised draft anti-money laundering law, under which fines for certain offences would rise to as much as 10 million yuan ($1.6 million) and a host of non-financial institutions would be brought within its scope.
The draft, which updates proposals first made in 2006, would include the likes of property developers, accounting firms and precious metal exchanges, according to a copy of the draft law posted by the People’s Bank of China (PBOC) on its website. Non-bank payment firms, online microlenders, financial asset management firms and financial leasing companies will also be included. Continue reading “Article: China ups fines and widens scope of draft money laundering law”
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