Aggregated News From Investment Management Regulators

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

Report/Flag

Please complete the required fields.



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

Source link

Regulator Information

Recent Articles

Corriegarth Wind Energy/ www.corriegarthwindenergy.com (Please note this has no link to Corriegarth Wind Energy Holdings Limited Company number SC253383 or Corriegarth Wind Energy Limited...

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

elitefxoptiontrade

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Bendigo Coins LTD (clone of FCA authorised firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

Upswingtrade.com (Clone of FCA authorised firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

Kensington Capital UK

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Get the latest from Regulatory.News in your inbox!

×