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22:50, 13-Sep-2017
China acts on money laundering, terrorist financing, tax evasion
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The Chinese government will coordinate supervision to fight money laundering, terrorist financing and tax evasion, according to a guideline the State Council made public on Wednesday.
By 2020, China should be able to effectively prevent and control money laundering, terrorist financing and tax evasion by improving laws and regulations and coordinating the work of different government departments, said the guideline.
China's supervision has improved since the country's anti-money laundering law became effective in 2007.
However, the supervision mechanism is far from perfect, inter-departmental information sharing is insufficient and China's international participation in this field does not match its international status, according to the guideline.
Therefore, China will reinforce coordination of government supervision on the basis of an inter-departmental joint meeting on money laundering, and work out an overall strategy as well as important measures, the guideline said.
The country plans to improve the legislation related to money laundering and terrorist financing crime, and strengthen risk monitoring and supervision on non-financial entities, including real estate agencies and precious metal and jewelry sellers.
China should expand information sources for monitoring money laundering activities, and improve the supervision of abnormal cross-border capital flow to prevent and crack down on cross-border financial crimes, according to the document.
Source(s): Xinhua News Agency