Current location:travel >>
Draft to tighten anti
travel6People have gathered around
IntroductionA draft amendment to the Anti-Money Laundering Law proposes establishing a monitoring body and impro ...
A draft amendment to the Anti-Money Laundering Law proposes establishing a monitoring body and improving the financial regulatory system.
The draft was submitted for initial review to the Standing Committee of the 14th National People's Congress, China's top legislature, on Tuesday.
Pan Gongsheng, governor of the People's Bank of China, said that several issues have emerged in anti-money laundering efforts in recent years, with institutions showing insufficient capacity to fulfill anti-money laundering obligations, a lack of smooth coordination mechanisms for supervision, and a low degree of information sharing.
There is also a need to strengthen monitoring and control of emerging money laundering risks and combat corruption, cross-border gambling, "underground banking" and other illegal activities, the central bank chief told the Standing Committee.
The draft clarifies that anti-money laundering refers to actions taken to prevent and curb activities that disguise or conceal the origins and nature of criminal proceeds and their benefits, as well as related criminal activities, including measures against terrorism financing.
It assigns the central bank the responsibility for national anti-money laundering supervision and management, in coordination with State Council departments, national supervisory authorities and judicial bodies.
Additionally, the draft calls for enhanced risk control and supervisory management, specifying anti-money laundering fund monitoring, and risk assessment systems for national and industry-specific money laundering.
It also clarifies that the People's Bank of China may take supervisory and inspection measures and conduct investigations. It calls for improving the information-sharing mechanism among departments and establishing a management and usage system for beneficial ownership information.
The draft says the main responsibilities of financial institutions include establishing and implementing internal anti-money laundering control systems, conducting due diligence on customers to understand their identity, transaction background and risk status, maintaining customer identity information and transaction records, and implementing reporting systems for large or suspicious transactions.
It also improves provisions for legal liability, increases penalties for violations and specifies the extraterritorial applicability of the law.
During legal investigations of money laundering and terrorism financing, foreign financial institutions may be asked to cooperate, it said.
Those who refuse to cooperate with investigations may be issued warnings, fined or prohibited from conducting related business activities. Directors, supervisors or senior management of financial institutions, or others directly responsible, may also be fined or banned from working in the industry.
Such institutions may also be included on a list of organizations and individuals identified by the authorities as having significant money laundering risks, where failure to take measures could lead to severe consequences.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Worldly Window news portal”。http://finland.chennaidetectives.net/news-59f599406.html
Related articles
Brazil's soccer federation suspends matches because of flooding
travelPORTO ALEGRE, Brazil (AP) — Brazil’s soccer federation has suspended matches involving three top-tie ...
【travel】
Read moreMarte's 3
travelLOS ANGELES (AP) — Starling Marte hit a go-ahead, three-run homer in the sixth and first baseman Pet ...
【travel】
Read moreInside Tori Spelling's VERY youthful skater girl makeover following divorce from Dean McDermott
travelTori Spelling has completely reinvented her personal style since her split from husband Dean McDermo ...
【travel】
Read more
Popular articles
- BRICS summit expected to promote S. Africa's tourism sector
- Ober throws 6 solid innings as Twins stop 5
- Ryan Garcia knocks Devin Haney down 3 times and hands his amateur rival his first pro loss
- De La Cruz homers in the 9th inning as the Marlins beat the Cubs 3
- Arrested US soldier awaiting hearing in Russia on theft charges
- Review: Taylor Swift's 'The Tortured Poets Department' is great meditative theater
Latest articles
Ryan Garcia reportedly wants 2nd drug sample tested after 1st was positive for banned substance
Jeremy Clarkson leads emotional tributes as BBC Top Gear legend dies aged 80
Angels' Anthony Rendon leaves game against Reds with a hamstring injury
Spring outing popular among Chinese people: survey
Anya Taylor
Stalin's lost city: Inside the crumbling remains of once
LINKS
- Kyren Wilson wins world snooker championship for the first time after beating Jak Jones 18
- Revealed: The '18 DEMANDS' Muslim Vote group issued to Keir Starmer after dozens of pro
- Lando Norris enjoys a low
- Former Alabama star player, athletic director Hootie Ingram dies at age 90
- China extends more inclusive loans to small businesses
- Lawsuit alleges decades of child sex abuse at Illinois juvenile detention centers statewide
- Nonprofit Chicago production house Invisible Institute wins 2 Pulitzer Prizes
- Kyren Wilson wins world snooker championship for the first time after beating Jak Jones 18
- Twyla Tharp dance will open 700
- Guardians place AL