On 11 September, PBOC issued statement on 8 September AML briefing in Beijing.
- Meeting on status of AML work, views from financial institutions on experiences.
- Yin Yong, VP, of PBOC outlined the deployment, for the next stage of AML tasks.
- CPC Central Committee and State Council attach great importance to AML work.
- Seek improved AML regulatory system to safeguard economy, security, stability.
AML Concerns
- Overall risk is still rising, anti-money laundering work is facing severe challenges.
- Risk of sanctions compliance highlighted rising risk of overseas AML law in China.
- As international AML standards become more stringent, China facing assessment.
Objectives
- Sought strict prevention and control of money laundering, terrorist financing risk.
- Deepen reform, improve AML, anti-terrorism financing, anti-tax evasion systems.
- Strengthen supervision and coordination, increase AML supervision accountability.
- Improve risk management, implementation by institutions of main responsibilities.
