People's Republic of China

Politics and economу

The People’s Republic of China is a socialist republic. The highest legislative power is exercised by the National People's Congress of China.

China is the world's second largest economy after the United States by purchasing power parity and the world's fastest-growing major economy, with average growth rates of 10% for the past 30 years. It is also the second largest trading nation in the world and the world’s largest exporter and second largest importer of goods.

The Chinese banking system is composed of two-levels: the People’s bank of China which performs the functions of the central bank, and a number of specialized state-owned banks. The national currency is Renmimbi.

National AML/CFT regime

China started developing a national AML/CFT regime at the end of the 1990s. Since then comprehensive AML/CFT legislation has been adopted. The country has been also continuously enhancing preventative measures in the financial sector.
In January 2005 China joined the FATF as an observer and became a fully-fledged member in 2007. China is also a member of the APG.

China has ratified the main international counter-terrorist conventions. Chinese criminal law identifies money laundering as a serious offence. Following the 2001 decision of the national legislator – the National People's Congress of China – terrorism has been included in the range of money-laundering related crimes. Terrorist financing is also criminalized.

The national AML/CFT law came into force on January 1, 2007.

The People’s Bank of China (PBC) is the main national body coordinating AML/CFT activities in the country including suspicious transaction monitoring and international AML/CFT standard implementation.

China’s financial intelligence unit (FIU) is located in the PBC. The FIU functions have been divided between two PBC units: the Anti-Money Laundering Bureau (AMLB) and the China Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC).

The Anti-Money Laundering Bureau (AMLB) organizes and coordinates China’s AML affairs, and carries out administrative investigation, dissemination and policy oversight. Decisions about whether to carry out an administrative investigation into a Suspicious Transition Report (STR) or to disseminate an STR to the Ministry of Public Security (MPS) or other law enforcement agencies are made under AML Law.

The AMLB carries out its activities directly through its regional and local PBC branches. Regional and local PBC branches have administrative jurisdiction over a specified geographical region, such as a province or large urban area. At a provincial level, there are 36 AML divisions.

The China Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC) specializes in data collection, processing and analysis. Its function is to receive and analyze STRs and Large-value Transaction Reports (LVTs), and transfer STRs to the AMLB after its analysis. CAMLMAC acts as the central point of contact for foreign FIUs (article 10 of the AML Law). CAMLMAC has accepted citizens’ appeals since 2005.

The heads of the AMLB and CAMLMAC both report to a single deputy governor. The current Director General of AMLB is Ms. Jin Luo. Ms. Hao Jinghua - Deputy Director General of the AML Bureau of the PBC - is the Head of delegation of China.

Cooperation with the EAG

China is one of the EAG founding members. Mutual evaluation of China by the FATF with the EAG’s participation took place in November 2006. Following the recommendations of the evaluation, China has been continuously enhancing national legislation and its AML/CFT regime.

China hosted three EAG Plenary meetings in 2005, 2007, 2009 and 2011.



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    EAG in the news

    Winners of the international drawing contest "Children against Terrorism" received prizes from the representatives of the State Control Committee Vyacheslav Reut, director of the Financial Monitoring Department of the State Control Committee, and Igor Sergeev, head of the Inspections and Human Resources Department, gave away prizes and certificates to the winners and runners-up of the drawing contest "Children against Terrorism" from among the students of the children and youth centre for supplementary education "Eureka" (Minsk).
    Financial intelligence officers and heads of compliance units in Kyrgyzstan's commercial banks took part in a round table discussion in Moscow entitled "Best AML/CFT Practice" Representatives of the State Financial Intelligence Service under the Government of the Kyrgyz Republic and the country's commercial banks (BTA Bank, Kyrgyz Investment and Credit bank, and Demir Kyrgyz International Bank) took part in a round table discussion entitled "Best AML/CFT Practice", held at the Moscow office of the International Training and Methodology Centre for Financial Monitoring on 5 December 2017 with the support of Rosfinmonitoring.
    UNODC Regional Programme-sponsored training workshop on "Cryptocurrencies and Electronic Evidence" was held from 27 November to 1 December 2017 in Tashkent (Uzbekistan) UNODC Regional Programme-sponsored training workshop on "Cryptocurrencies and Electronic Evidence" was held from 27 November to 1 December 2017 in Tashkent (Uzbekistan).
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