Chinese government plans to enact anti-money laundering law to monitor new financial technology tren
The Chinese government is considering revising its anti-money laundering law to address the challenges posed by emerging financial technologies. According to statistics, 1,391 people have been prosecuted for money laundering-related charges in the first half of 2024, showing the severity of the problem.
Legislators mentioned that with the rapid development of technology, the ability to monitor and analyze money laundering risks needs to be improved. Wang Xiang, spokesman for the Legal Affairs Commission, pointed out on September 9 that the new law will promote the central bank to work with financial regulators to develop guidelines to effectively manage money laundering risks caused by emerging technologies. At the same time, financial institutions are also responsible for assessing the money laundering risks brought about by new business models.
The move aims to strengthen the supervision of virtual assets and transactions to reduce their potential risks as money laundering tools. In the face of the Chinese government's strict supervision of digital assets, this legal revision shows an important commitment to ensuring financial security. In the future, we look forward to clearer and more efficient regulatory measures to promote the healthy development of financial markets.
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