China’s Moves to Modernize AML Laws with a Focus on Cryptocurrency
China is taking steps to modernize its financial regulations by revising its Anti-Money Laundering (AML) laws, aiming to include stringent measures against cryptocurrency-related transactions.
The revision, the first since 2007, targets the legal gaps in the growing realm of digital currencies. On Jan. 22, Prime Minister Li Qiang chaired a pivotal executive meeting of the State Council to address the revised AML law, which the government expects to enact by 2025. The amendment responds to the evolving financial crime landscape, notably with virtual currencies, according to Wang Xin, a professor at Peking University Law School.
Despite China’s prior cryptocurrency bans, advancements in technology have posed significant money laundering risks. The amended regulations aim to align with international standards and enhance China’s financial regulatory framework, involving key authorities like the People’s Bank of China. However, experts advocate for further enhancements, including improved judicial relief mechanisms and a comprehensive financial intelligence network, to effectively enforce AML laws and protect citizens’ rights and interests.
Clever Robot News Desk 2nd February 2024