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China’s progress in strengthening measures to tackle money laundering and terrorist financing

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Since the 2019 assessment of the People’s Republic of China’s (China) measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework.

China has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2019. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the actions it has taken since then.
To reflect China’ progress, the FATF has re-rated the country on the following Recommendation:

  • Recommendation 26 (Regulation and supervision of financial institutions) – from partially compliant to largely compliant
  • Recommendation 34 (Guidance and feedback) – from partially compliant to largely compliant

The report also looks at whether China’s measures meet the requirements of FATF Recommendations that have changed since the 2019 mutual evaluation. The FATF agreed to maintain the rating of Compliant for Recommendation 2 (National cooperation and coordination). The FATF upgraded the rating for Recommendation 15 (New technologies) from partially compliant to largely compliant.

China is now compliant on 7 of the 40 Recommendations and largely compliant on 18 of them. It remains partially compliant on 9 of the 40 Recommendations and not compliant on 6 of them. China remains in enhanced follow-up and will report back to the FATF on progress to strengthen its implementation of Anti-Money Laundering / Countering the Financing of Terrorism measures in October 2021.

More on:
Mutual Evaluation Report of China – 2019

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