May 31, 2010
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China 2008-2012 Anti-Money Laundering Strategy [Effective]
中國2008-2012年反洗錢戰略 [現行有效]
China 2008-2012 Anti-Money Laundering Strategy
(Inter-Ministerial Anti-Money Laundering Joint Conference*; Issued on December 30, 2009)
China has established a fairly sound system of anti-money laundering legislation, regulation and organization. At present, as the various anti-money laundering tasks are developing in both depth and breadth, the People's Bank of China, jointly with the members of the Inter-Ministerial Anti-Money Laundering Conference, has formulated and issued the China 2008-2012 Anti-Money Laundering Strategy (hereinafter referred to as the “Strategy") to centrally plan, direct and promote the anti-money laundering work nationwide and jointly prevent and combat the crime of money laundering.
The Strategy has a planning period commencing in 2008 and ending in 2012, and does not cover the Hong Kong Special Administrative Region, the Macao Special Administrative Region and Taiwan Province.

(反洗錢工作部際聯席會議* 2009年12月30日發布)

Table of Contents
I. Overview of Anti-Money Laundering Development
(I) Current situation of anti-money laundering development
(II) Opportunities and challenges
II. Guiding Ideology and Overall Objective
(I) Guiding ideology
(II) Overall objective
(III) Implementing principle
(IV) Implementing steps
III. Specific Goals and Key Actions
(I) Improving criminal legislation against money laundering
(II) Building a national anti-terrorist financing network
(III) Enhancing the effectiveness of anti-money laundering regulation
(IV) Establishing anti-money laundering regimes for certain industries other than the financial industry
(V) Strengthening inter-departmental exchange and collaboration at home
(VI) Building a team of highly qualified anti-money laundering experts
(VII) Participating actively in international cooperation and standard setting
(VIII) Strenuously recovering overseas criminal gains
I. Overview of Anti-Money Laundering Development


(I) Current situation of anti-money laundering development
From 2003 to 2008, China's anti-money laundering efforts had witnessed rapid development and significant progress in terms of criminal legislation, preventive measures, institutional arrangements and international cooperation, based on this country's national situation and reference to the relevant international standards. As a result, a basic framework of anti-money laundering legislation, regulation and organization of China has been established, as well as fairly complete anti-money laundering regimes.
In terms of criminal legislation, the Standing Committee of the National People's Congress amended the Criminal Law twice in 2001 and 2006, and the current core clauses, including Article 191 “Crime of Money Laundering", Article 312 “Crime of Disguising or Concealing Income from Crime or Proceeds from Income of Crime” and Article 349 “Crime of Sheltering, Transferring or Concealing Drugs or Booty Drugs", cover all main acts of money laundering.
In terms of preventive measures, the Standing Committee of the National People's Congress adopted after deliberation the Anti-Money Laundering Law of the People's Republic of China in October 2006, which signaled the establishment in law of China's anti-money laundering administration system and clarified the anti-money laundering obligation of financial institutions. By revising three sets of anti-money laundering rules which were enacted in 2003 and enacting, independently or jointly with concerned departments, four sets of anti-money laundering rules, including the Anti-Money Laundering Rules for Financial Institutions, the People's Bank of China has extended the coverage of anti-money laundering regulation from financial institutions in the banking industry to those in the securities, futures and insurance industries; unified the anti-money laundering management of RMB and foreign currencies; and adjusted the criteria, path, time, etc. for reporting large-sum and questionable transactions. The People's Bank of China has continuously conducted on-site inspection against money laundering among financial institutions since 2004, and began to shape the off-site regulation system against money laundering in 2007. After years of efforts, Chinese financial institutions have universally established the anti-money laundering internal control system, conducted due diligence investigation of clients, and implemented the large-sum and questionable transaction reporting system and the system of keeping client identity information and transaction records.
In terms of institutional arrangements, in 2003, the People's Bank of China set up the Anti-Money Laundering Bureau to assume the duty of anti-money laundering coordination in China which was formerly assumed by the Ministry of Public Security, established and improved the 23-member inter-ministerial anti-money laundering joint conference mechanism and the anti-money laundering coordination mechanism for financial regulatory authorities, and played an important role in drafting the Anti-Money Laundering Law of the People's Republic of China and applying for accession to the Financial Action Task Force on Money Laundering (FATF). In 2004, the People's Bank of China specially set up the China Anti-Money Laundering Monitoring and Analysis Center, which has realized network transmission of data with most financial institutions and formed an anti-money laundering monitoring and analysis network which covers all over the financial industry of China. The People's Bank of China has enacted a range of regulatory documents, conducted anti-money laundering inspection and investigation, and established a collaboration mechanism with the Ministry of Public Security and other concerned departments for assistance in case investigation. In 2006, the anti-money laundering function, institution, personnel and information systems of the State Administration of Foreign Exchange were transferred to the People's Bank of China, which led to the unified administration of anti-money laundering in RMB and foreign currencies. Today, the People's Bank of China has anti-money laundering divisions in all of its 36 branches at and above the sub-provincial level, which provides an organizational safeguard for anti-money laundering development.
In terms of international cooperation, China has shown its determination to crack down on criminal activities of money laundering and terrorist financing by signing and ratifying the international conventions of the United Nations against money laundering and terrorist financing. As a permanent member state of the UN Security Council, China earnestly executes UN anti-terrorism resolutions and performs its international obligations. China actively takes part in activities of international anti-money laundering organizations: China founded the regional international anti-money laundering organization — Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) — together with concerned countries in 2004, and became a formal member of the international organization for global anti-money laundering — Financial Action Task Force (FATF) in 2007. On the principle of equality and mutual benefit, China is unremittingly engaged in international cooperation in intelligence exchange, cooperative training, assisted investigation, property recovery, extradition or repatriation of criminal suspects, etc. By February 2008, China has entered into financial intelligence exchange and cooperation MOUs or agreements against money laundering and terrorist financing with financial intelligence institutions of 14 countries and regions.
   (一) 反洗錢發展現狀
(II) Opportunities and challenges
During years of development, China's anti-money laundering has gone through the stages of initial research, exploration, innovation and adjustment, and is now striding toward the stage of full development in both depth and breadth. The five years from 2008 to 2012 will be a critical period of strategic opportunities for China's anti-money laundering development and for testing and improving the anti-money laundering system. On the one hand, as various anti-money laundering tasks advance, the level of anti-money laundering compliance of financial institutions will be raised step by step, the general public and all concerned departments will have an increasingly profound awareness of money laundering activities, and the unique role and effectiveness of the anti-money laundering system and mechanisms will be increasingly evident. On the other hand, China has actively participated in setting and executing the international anti-money laundering standards after its entry into the FATF, and the FATF is now reviewing and revising the existing international anti-money laundering standards for the fourth round of mutual evaluation in 2011.
   (二) 機遇與挑戰

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