Efforts urged to improve money laundering law
Legislation to combat money laundering should be updated and improved quickly in view of increased cyber crimes, and to protect national security, judicial and financial experts said.
China’s Anti-Money Laundering Law, passed by the country’s top legislature 10 years ago, cannot solve some new problems effectively, said Yu Guangyuan, vice-president of the China Association for Fiscal and Tax Law.
“Some people are now using computers, online finance and mobile payments for money laundering, as well as relying on some professional outlets, including auctions and pawn shops,” Yu said at a forum on the anti-money laundering legislation.
Nearly 40 percent of money laundering is carried out through mobile payments and online banking, according to a statement by Yu, a financial law professor at Peking University.
He said diversified channels to launder money have brought new problems that the current law, which took effect on Jan 1, 2007, does not include and cover.