People’s Republic of China: Report on the Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

June 21, 2019

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Format: Chicago

People’s Republic of China: Report on the Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism, (USA: International Monetary Fund, 2019) accessed December 25, 2024

Summary

• China has undertaken a number of initiatives since 2002 that have contributed positively to its understanding of ML/TF risk, although some important gaps remain. Its framework for domestic AML/CFT cooperation and coordination is well established. • China’s decentralized financial intelligence unit (FIU) arrangement consisting of China Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC), Anti-Money Laundering Bureau (AMLB), and 36 People’s Bank of China (PBC) provincial branches has high potential to produce financial intelligence that supports the operational needs of competent authorities, but its current functioning results in incomplete access by all parts of the FIU to all data, fragmented analysis and disseminations, and limits the development of a holistic view. Therefore, major improvements are needed.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Economic sectors, Financial sector, Legal support in revenue administration, Revenue administration

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), China, CR, Financial sector, FIU arrangement, ISCR, Legal support in revenue administration, Offense, PBC branch, People's Bank of China, Predicate crime investigation outcome, Predicate crime penalty, Predicate offense, Requests detention, Risk assessment, TF risk

Publication Details

Pages:

15
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/173
Stock No:

1CHNEA2019002
ISBN:

9781498320733
ISSN:

1934-7685

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