China's central bank plans to name money launderers to curb financial crimes
China's central bank appears poised to list organisations and individuals at high risk of money laundering, as a new column detailing potential offenders has been added to the bank's website as part of the country's endeavours to clamp down on illicit finance.
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The move comes as Beijing updates its compliance system in advance of a major international inspection this year.
While maintaining its high-pressure campaign to limit the exchange of cryptocurrencies such as bitcoin, it revised its Anti-Money Laundering Law
last year and established a cross-ministerial task force to review the progress of a three-year action plan which began in 2022.
In the update to its website, the Anti-Money Laundering Bureau of the People's Bank of China added a new column under its online 'Risk Warnings and Financial Sanctions' section: a list, blank as of Monday, featuring organisations and individuals deemed likely to engage in money laundering.
Wu Changhai, a professor at China University of Political Science and Law, said the planned list is a preventive measure intended to enhance early warning capacity.
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China is getting ready for its
fifth-round mutual evaluation by the Financial Action Task Force (FATF), the global standard-setter for rules curbing money laundering and the financing of terrorism. It was accepted as a member in 2007.
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