China Revamps Anti-Money Laundering Law to Counter Illegal Activities and Align with Global Standards

China is revising its anti-money laundering law to enhance its fight against illegal activities such as cross-border gambling and underground banking, aligning its practices with international standards to address stricter international scrutiny. The revision aims to improve China’s compliance ahead of a fifth review by the Financial Action Task Force, strengthening supervision, clarifying obligations, and broadening the scope of non-financial institutions subject to the law.

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