Money laundering and terror financing targeted

China will strengthen efforts to curb money laundering, terror financing and tax evasion, as part of its endeavors to build a modern system of financial regulation and stability, according to a guideline released by the State Council on Wednesday.

The guideline said the law and regulation system will be improved by 2020, with a coordinated regulation mechanism to be set up to effectively prevent and control these types of illegal operations.

The country will improve its trans-ministry focus to combat money laundering, establish a national risk assessment system on money laundering and terror financing, and set up a panel for regular assessment.

The nation will optimize cooperation in combating money laundering and improve related investigations and technologies and supervision.

The document encouraged exploring standards for data-sharing and setting up databases to fight money laundering, terror financing and tax evasion.

Legislation should be improved and the resolutions on anti-terrorism financing passed by the UN Security Council should be enforced, the document said.

The guideline urged to further enhance monitoring on irregular cross-border capital flows to prevent and combat financial crimes.

In addition, China will launch a special operation nationwide to crack down on tax evasion. The document also said joint efforts will be made to prevent customs duty evasion by antilaundering and customs authorities.