Ef­forts urged to im­prove money laun­der­ing law

China Daily (Canada) - - NEWS CAPSULE -

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.

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