China to revise anti-money laundering law amid crackdown on illicit capital flows
By Jerry
BEIJING – Sweeping revisions to China’s law against money laundering are in the works, as the world’s second-largest economy steps up efforts to curb illicit capital flows that could threaten not just the security of its financial system, but also its international reputation.
China’s legislature reviewed last week a new draft of the law – which has not been updated since its promulgation in 2007 – and is now soliciting public feedback on the text until May 25.
China is grappling with new technologies that complicate anti-laundering efforts by obfuscating the source of funds, such as cryptocurrencies and other virtual fintech assets.
