Revised Anti-Money Laundering Law Released
ISSUING AUTHORITY:
Standing Committee of the National People's Congress
DATE OF ISSUANCE:
November 8, 2024
EFFECTIVE DATE:
January 1, 2025
On November 8, 2024, the Anti-Money Laundering Law of the People's Republic of China was revised and adopted by the 14th Standing Committee of the National People's Congress, and will come into effect on January 1, 2025. The new Anti-Money Laundering Law consists of seven chapters and sixty-five articles, including General Provisions, Supervision and Administration of Anti-Money Laundering, Obligations of Anti-Money Laundering, Anti-Money Laundering Investigation, International Cooperation in Anti-Money Laundering, Legal Liabilities, and Supplementary Provisions.
As a member of the Financial Action Task Force (FATF), after completing the fourth round of mutual evaluations by the FATF in 2019 and the publication of the China Anti-Money Laundering and Counter-Terrorist Financing Mutual Evaluation Report, China plans to undergo the fifth mutual evaluation from November 2025 to February 2027. This mutual evaluation process will be another significant test of China's anti-money laundering legislation and regulatory system, and it is also an opportunity to enhance the country’s anti-money laundering legislation and regulatory framework.
The revision of the Anti-Money Laundering Law demonstrates China's determination and efforts in preventing money laundering crimes and maintaining financial security. The introduction of the new Anti-Money Laundering Law will better serve the healthy development of China's economy and enhance the international community's recognition and trust in China's anti-money laundering efforts.
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