Summary:
China's lawmakers focus on monitoring cryptocurrency-related money laundering risks.
Draft amendment to the Anti-Money Laundering Law is under review.
New requirements aim to enhance monitoring and analysis capabilities.
Seven types of predicate offences will be defined in the revision.
A catch-all provision will broaden the scope of money-laundering offences.
China Targets Cryptocurrency in New Anti-Money Laundering Law
China’s lawmakers are taking a serious approach to monitor and analyze emerging money-laundering risks, particularly those associated with cryptocurrency. A draft amendment to the Anti-Money Laundering Law is set for review this week by the Standing Committee of the National People’s Congress, the country’s top legislative body.
According to Wang Xiang, spokesman for the Legislative Affairs Commission, the revision aims to establish requirements for monitoring new forms of money laundering, enhancing the ability to detect and analyze these risks. This reflects a growing concern over the impact of emerging technologies in financial crimes.
The draft also seeks to refine the definition of anti-money laundering, listing seven types of predicate offences—crimes often linked to money laundering or organized crime. Moreover, a catch-all provision will be introduced to broaden the scope of offences, ensuring better alignment with China’s Criminal Law.
This legislative move signifies a pivotal moment in how cryptocurrency is regulated in China, highlighting the government's intent to tackle the complexities of modern financial crimes.
Comments