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China issues anti-money laundering rules

BEIJING - China's State Administration of Foreign Exchange issued on October 25 a set of implementing rules concerning the management of the system for financial institutions to report big-amount and doubtful foreign exchange transactions.

This is a related specific regulation to support the Anti-Money Laundering Law and aims to standardize the reporting of big-amount and doubtful foreign exchange transactions by financial institutions.

The Implementing Rules of the Administrative Procedures for Reporting of Big-Amount and Doubtful Foreign Exchange Transactions by Financial Institutions have the following new features:

  • Further specifying or interpreting the 60 criteria for reporting big amount and doubtful foreign exchange transactions;

  • Standardizing the procedures and law application standards for the anti-money laundering work of the State Administration of Foreign Exchange;

  • Simplifying the contents in reporting big-amount and doubtful foreign exchange transactions and encouraging financial institutions to use electronic means in making reports;

  • Stressing cooperation between the foreign exchange administrations and the public security departments in fighting against money laundering.

    (Asia Pulse/XIC)
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    Oct 27, 2004
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