On China's Anti-money Laundering Legal System Improved

With the work of in-depth development of China's anti-money laundering, anti-money laundering legal system to combat smuggling, drug trafficking,, serious crimes such as corruption and bribery, has played an increasingly important role. From the domestic side, the current work at the initial stage of China's anti-money laundering, anti money laundering legal system is not complete. Existence of anti-money laundering criminal legislation covers a narrower range of money-laundering offenses, money laundering, the main definition of the crime of crimes not covered by the predicate offenses of the guilty, the lack of anti-money laundering obligations to the main effect of lazy anti-money laundering obligations to fulfill the provisions of the criminal responsibility of defects. Existence of anti-money laundering legislation to prevent money laundering obligations of the main narrow scope of the principles of anti-money laundering sector requirement too, the lack of clue diligence for domestic political leaders and financial monitoring of special provisions, the lack of anti-money laundering and the cost of the incentive compensation mechanism, the lack of confidentiality exceptions, the cash anti-money laundering regulations from the point of no arrangement, and the supporting regulations, and other defects not meet anti-money laundering developments, anti-money laundering mechanisms did not fully play its role can not meet anti-money laundering work in an urgent situation. From an international perspective, the Financial Action Task Force on Money Laundering as the most authoritative international organizations to develop, including the legal system, financial institutions and non-financial institutions to prevent money laundering and terrorist financing measures to combat money laundering and terrorist financing systems necessary to system and measures to strengthen international cooperation, etc.40+9 recommendations of anti-money laundering and terrorist financing, for the national anti-money laundering legal system provides a powerful framework. The United States, Britain, Australia, France, Japan and other developed countries have also established a relatively sophisticated anti-money laundering legal mechanisms. Developed anti-money laundering legal system, a broad range of predicate offenses of money laundering, the legal system, the distribution of a clear hierarchy, the scope of a larger anti-money laundering obligations of the main characteristics, which further improve China's anti-money laundering legal system provides the inspiration and reference. China should learn from the experience of mature foreign legislation, from the criminal legislation, executive and the legislature, and the supporting regulations, three levels of improvement of legislation to expand the scope of money laundering predicate offenses, will be extended to the main money laundering predicate offenses, the offenders of non-financial institutions for specific anti-money laundering obligations, provision of financial institutions, specific anti-money laundering obligations to non-financial institutions subject to criminal responsibility, the establishment of compensation and exemption mechanism, and an increase in the secrecy provisions, re-amend "Cash Management Ordinance" was revised supporting anti-money laundering regulations, to enhance the effectiveness of anti-money laundering legal framework, in order to combat money laundering and predicate offenses provide a strong legal support.