China targets new money-laundering risks, including cryptocurrency
Draft revision to the Anti-Money Laundering Law also refines the definition of anti-money-laundering, with seven types of offences listed
China’s lawmakers will seek to “monitor and analyse new money-laundering risks”, with a particular focus on emerging technologies such as cryptocurrency, as they review a draft amendment this week.
The draft revision to the Anti-Money Laundering Law will undergo its second round of review during this week’s session of the Standing Committee of the National People’s Congress, China’s top legislative body.
“[The revision] will set requirements to monitor new types of money laundering … to improve the ability to monitor and analyse new money-laundering risks,” Wang Xiang, spokesman for the Legislative Affairs Commission of the Standing Committee, said on Monday.
The revision also refines the definition of anti-money-laundering, with seven types of predicate offences - a crime that is a component of a more complex criminal activity, often associated with money laundering or organised crime - listed.
A catch-all provision to expand the scope of the offences, which aims to better align with the relevant provisions in China’s Criminal Law, will also be added.
The proposed changes will help China to bolster a crackdown on illegal activities and address cryptocurrency-related risks, measures that would also align its practices with global standards as it faces stricter international scrutiny.