ISLAMABAD, September 9,2024 (TDI): On Monday, China has planned to further improve its monitoring abilities for new kinds of money laundering threats, as the fast improvement in technologies and developing businesses have made the menace of money laundering more challenging.
The forthcoming meeting of the Standing Committee of the National People’s Congress will examine the draft amendment to the Anti-Money Laundering Law, said Wang Xiang, spokesman for the NPC Standing Committee’s Legislative Affairs Commission.
He said that senior Chinese legislatures will give their input necessary for government agencies to issue guidelines to monitor new types of money laundering threats on time.
China Money Laundering
While quoting the draft amendments he said that anti-money laundering agencies should strengthen their monitoring and analytical capabilities and also report suspicious transactions to concerned departments.
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He further said that financial institutions need to keep a close eye on and evaluate money laundering risks caused by new businesses, with suitable steps to curtail the danger in line with the draft amendment.
The NPC Standing Committee will hold its meeting from Tuesday to Friday in Beijing.
spokesman for the NPC Standing Committee’s Legislative Affairs Commission Chinese parliamentarians will also take up draft amendments to the National Defense Education Law, the Law on the Prevention and Control of Infectious Disease, the Statistics Law, and the Supervision Law during the session.
