BEIJING – The Chinese government will coordinate supervision to fight money laundering, terrorist financing and tax evasion, according to a guideline made public Wednesday.
By 2020, China should be able to effectively prevent and control money laundering, terrorist financing and tax evasion by improving laws and regulations and coordinating the work of different government departments, said the guideline.
It has been posted on the website of the State Council, China's cabinet.
Supervision has improved since China's anti-money laundering law became effective in 2007. The supervision mechanism, however, is far from being perfect, inter-departmental information sharing is insufficient and China's international participation in this field does not match its international status.
China will reinforce coordination of government supervision on the basis of an inter-departmental joint meeting on money laundering and work out an overall strategy, the guideline said.
The country should also improve the legislation related to money laundering and terrorist financing, and strengthen risk monitoring and supervision of non-financial entities including real estate agencies and precious metal and jewelry sales companies.
China should expand information sources for monitoring money laundering activities, and improve the supervision of abnormal cross-border capital flow to prevent and crack down on cross-border financial crimes, according to the document.
Wang Zhimin, director of the Liaison Office of the Central People's Government in the HKSAR, made the remarks at a seminar in Hong Kong.24 March 2018
The Ministry of National Defense said a US warship's entry into the waters around China's islands and reefs is serious political and military provocation.24 March 2018
Hong Kong Chief Executive Carrie Lam chairs the Commission on Poverty Summit 2018 on Saturday.24 March 2018
The current US govt is taking a more transactional and short-term view while the China is taking a long-term view, said former US Treasury secretary.24 March 2018
At the China Development Forum in Beijing, experts were asked what suggestions they would give to the US president on trade relations with China.24 March 2018
Located in the heart of the Pearl River Delta region, Shunde is considered the home of Cantonese cooks24 March 2018
Copyright 1995 - 2017. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily. Without written authorization from China Daily, such content shall not be republished or used in any form.