The General Assembly of the State Council of the PRC resolved to adopt the new PRC Anti- Money Laundering Law (AML Law) at its 24th meeting on 31 October 2006. The new AML Law will be effective from 1 January 2007. Subsequently, the People’s Bank of China (POBC) issued the Financial Institutions Anti-Money Laundering Regulations (effective from 1 January 2007) (AML Regulations) and the Financial Institutions Reporting and Monitoring Schemes for Large and Suspicious Transactions (effective from 1 March 2007) (AML Reporting Schemes) on 14 November 2006. This article will briefly describe the content of the new AML Law, the AML Regulations and the AML Reporting Schemes.
The AML Law is relatively short (37 articles) compared with corresponding laws overseas Nevertheless, it is an important milestone in the progress of the PRC towards fulfilling its obligations under the United Nations Convention on Corruption and other conventions, as well as towards becoming a member of the Financial Action Task Force on Money Laundering (FATF) which was established at the G7 Summit held in Paris in 1989.
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