Current location:Culture Connection news portal > opinions
Draft to tighten anti
Culture Connection news portal2024-05-09 00:20:06【opinions】4People have gathered around
IntroductionA draft amendment to the Anti-Money Laundering Law proposes establishing a monitoring body and impro
A draft amendment to the Anti-Money Laundering Law proposes establishing a monitoring body and improving the financial regulatory system.
The draft was submitted for initial review to the Standing Committee of the 14th National People's Congress, China's top legislature, on Tuesday.
Pan Gongsheng, governor of the People's Bank of China, said that several issues have emerged in anti-money laundering efforts in recent years, with institutions showing insufficient capacity to fulfill anti-money laundering obligations, a lack of smooth coordination mechanisms for supervision, and a low degree of information sharing.
There is also a need to strengthen monitoring and control of emerging money laundering risks and combat corruption, cross-border gambling, "underground banking" and other illegal activities, the central bank chief told the Standing Committee.
The draft clarifies that anti-money laundering refers to actions taken to prevent and curb activities that disguise or conceal the origins and nature of criminal proceeds and their benefits, as well as related criminal activities, including measures against terrorism financing.
It assigns the central bank the responsibility for national anti-money laundering supervision and management, in coordination with State Council departments, national supervisory authorities and judicial bodies.
Additionally, the draft calls for enhanced risk control and supervisory management, specifying anti-money laundering fund monitoring, and risk assessment systems for national and industry-specific money laundering.
It also clarifies that the People's Bank of China may take supervisory and inspection measures and conduct investigations. It calls for improving the information-sharing mechanism among departments and establishing a management and usage system for beneficial ownership information.
The draft says the main responsibilities of financial institutions include establishing and implementing internal anti-money laundering control systems, conducting due diligence on customers to understand their identity, transaction background and risk status, maintaining customer identity information and transaction records, and implementing reporting systems for large or suspicious transactions.
It also improves provisions for legal liability, increases penalties for violations and specifies the extraterritorial applicability of the law.
During legal investigations of money laundering and terrorism financing, foreign financial institutions may be asked to cooperate, it said.
Those who refuse to cooperate with investigations may be issued warnings, fined or prohibited from conducting related business activities. Directors, supervisors or senior management of financial institutions, or others directly responsible, may also be fined or banned from working in the industry.
Such institutions may also be included on a list of organizations and individuals identified by the authorities as having significant money laundering risks, where failure to take measures could lead to severe consequences.
Address of this article:http://kyrgyzstan.allesfuersjagen.com/html-04e199805.html
Very good!(56677)
Related articles
- 19th Western Pacific Naval Symposium opens in E China
- Former CDC directors: U.S. politicians undermine CDC unconscionably
- Syrian workers arrange cotton fabric for making masks in Damascus
- China donates more PPEs to help Namibia fight COVID
- Lizzo has all eyes on her in puzzling 'vase dress' with bowl
- 4805 fully E
- Spotlight: U.S. authorities tell int'l students to leave U.S. if universities go online
- 4805 fully E
- US service member shot and killed by Florida police identified by the Air Force
- Desert locusts seen in Sanaa, Yemen
Popular articles
Recommended
University of Kentucky faculty issue no
Xi Inspects Community in Nanning in China's Guangxi
Trend of 'rise of the East and decline of the West' inevitable: economist
Storied apparel retailer Brooks Brothers files for bankruptcy amid pandemic
The North Korean official whose propaganda helped build the Kim dynasty dies at 94
Orange harvest in central Gaza Strip
Top of Eiffel Tower reopens to public
UK announces fresh measures to support jobs, spur recovery amid coronavirus crisis
Links
- Baby Ru: Police contact whānau after three months of silence
- Japan launching new visa for digital nomads but will it be enough to solve its economic woes?
- Foreign Affairs Minister Winston Peters praises US engagement in the Pacific
- Kenneth Eugene Smith: Alabama carries out first US nitrogen gas execution
- Australian town of Marble Bar clocks 26 consecutive days over 43 degrees Celsius
- Firefighters battle large bush fire in the Far North
- Yemen strikes: Houthis hit US
- Greek vessel hit by missile in Red Sea attack
- Israel presses on with Gaza offensive approaching 100 days of war
- Te Pāti Māori co