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.
