PBOC Releases Draft Version of Amended Anti-money Laundering, Anti-terrorist Financing Regulations

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The Chinese central bank has just released the draft version of amended rules for the prevention of money laundering and terrorist financing by domestic financial institutions.

The People’s Bank of China (PBOC) issued the amended draft version of the “Financial Institution Anti-money Laundering Anti-terrorist Financing Supervisory Administrative Measures” (金融机构反洗钱和反恐怖融资监督管理办法(修订草案征求意见稿)) for the solicitation of opinions from the public on 30 December 2020.

PBOC said that Measures are for the purpose of “preventing and dissolving financial risk, raising the effectiveness of anti-money laundering regulation and raising the level of financial institution anti-money laundering work.”

The amended Measures are an expansion of the “Financial Institution Anti-Money Laundering Supervisory Administrative Measures (Trial)” (金融机构反洗钱监督管理办法(试行)) that were first released in 2016.

According to PBOC the amendments to the Measures will seek to overhaul China’s anti-money laundering efforts following assessment made by the intergovernmental Financial Action Task Force (FATF) in 2019 which highlighted a range of inadequacies.

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