CHINA PASSES FIRST ANTI MONEY-LAUNDERING LEGISLATION FOR 2007

As of January 1, 2007, China has a new Anti Money-Laundering (AML) law in effect. This is the first separate law of its kind, although money laundering was legally banned in the 1997 revised Criminal Law of the People's Republic of China (PRC), and augmented by other rules from the State Council and the People's Bank of China (PBOC), providing the legal basis for Government's anti-money laundering work. We will answer these main questions about the PRC’s new AML legislation: How About a General Overview of the New Law?; What are the Seven Predicate Crimes of Money Laundering?; How does the New Law Effect Chinese & Foreign Financial Institutions?; What Types of Information must be Gathered by Banks for AML Regulations?

The following questions have been addressed in this article:

How About a General Overview of the New Law?
What are the Seven Predicate Crimes of Money Laundering?
How does the New Law Effect Chinese & Foreign Financial Institutions?
What Types of Information must be Gathered by Banks for AML Regulations?

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