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

6 October 2021 – Since the 2019 assessment of China’s 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 action it has taken since its mutual evaluation. Consequently, to reflect China’s progress, the FATF has now re-rated the country on the following Recommendations:

3 – Money laundering offence, from partially compliant to largely compliant

8 – Non-profit organisations, from partially compliant to largely compliant

16 – Wire transfers, from partially compliant to largely compliant

18 – Internal controls and foreign branches and subsidiaries, from partially compliant to compliant

29 – Financial intelligence units, from partially compliant to largely compliant

38 – Mutual legal assistance: freezing and confiscation, from partially compliant to compliant

Today, China is compliant on 9 of the 40 Recommendations and largely compliant on 22 of them. It remains partially compliant on 3 Recommendations and non-compliant on 6 Recommendations.

China will remain in enhanced follow-up and will report back to the FATF on progress achieved on improving the implementation of its AML/CFT measures

p/o Virginie Gastine Menou

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Publié le 10 octobre 2021 par

Virginie GASTINE MENOU

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

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6 October 2021 – Since the 2019 assessment of China’s 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 action it has taken since its mutual evaluation. Consequently, to reflect China’s progress, the FATF has now re-rated the country on the following Recommendations:

3 – Money laundering offence, from partially compliant to largely compliant

8 – Non-profit organisations, from partially compliant to largely compliant

16 – Wire transfers, from partially compliant to largely compliant

18 – Internal controls and foreign branches and subsidiaries, from partially compliant to compliant

29 – Financial intelligence units, from partially compliant to largely compliant

38 – Mutual legal assistance: freezing and confiscation, from partially compliant to compliant

Today, China is compliant on 9 of the 40 Recommendations and largely compliant on 22 of them. It remains partially compliant on 3 Recommendations and non-compliant on 6 Recommendations.

China will remain in enhanced follow-up and will report back to the FATF on progress achieved on improving the implementation of its AML/CFT measures

p/o Virginie Gastine Menou

RISQUES ET VOUS

http://www.risquesetvous.fr/

https://www.linkedin.com/company/risques-et-vous

✍🏼 Proposer une offre de job : https://graces.community/recruteurs/

💈 Consulter les offres qui vous correspondent : https://job.graces.community/login

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