Chinese gov't mulls anti-money laundering law to 'monitor' new fintech

According to the Chinese government, 1,391 individuals have been prosecuted on money laundering-related charges in the first half of 2024.

Chinese lawmakers are considering revising an earlier anti-money laundering law to enhance capabilities to 'monitor' and analyze money laundering risks through emerging financial technologies—including cryptocurrencies.

Legislative Affairs Commission spokesperson Wang Xiang announced the revisions on September 9th, citing the need to improve detection methods amid the "rapid development of new technologies."

The newly proposed legal provisions also call on the central bank and financial regulators to collaborate on guidelines to manage the risks posed by perceived money laundering threats from nascent technologies.

Wang noted that financial institutions would likewise be held accountable for assessing money laundering risks posed by novel business models arising from emerging tech.