How China plans to catch up to money launderers

Nation rethinks lax approach as criminal finance accounts for 5% of global GDP

20200901 Renminbi Caixin AP_20233480140802.jpg

In the past year or two, China's anti-money laundering efforts have drawn increasing attention in international financial circles. © AP

PENG QINQIN and DENISE JIA, Caixin

September 1, 2020 21:41 JST

Chinese authorities are getting more serious about fighting money laundering.

Regulators in the country received a wake-up call in 2019 when the international Financial Action Task Force on money laundering highlighted flaws in China's system. Later that year, several Chinese lawmakers submitted proposals to amend the nation's 13-year-old anti-money laundering law to catch up with the rapid evolution of criminal finance.