Chinese Financial Institutions, The Legal Response To Anti-Money Laundering

It is basic common sense on anti-money laundering among international organizations and the developed countries. Financial institutions have become the main channels in money-laundering and the essential roles in anti-money-laundering.To improve the current legal regulations of China, the thesis tries to analyze the theory of anti-money-laundering of financial institutions, draw full lessons from the international organizations and the main developed-countries' legislations, taking into account the China's special circumstances comprehensively.The thesis is totally divided into four parts, and each part's main contents are listed as followed:The preface describes the background of the article, the status of research and innovation. The article takes the latest anti-money-laundering of financial institutions in legislative outcomes, the U.S. subprime mortgage crisis in 2007, the international trend of financial supervision as the main background, sums up the research results of the domestic anti-money-laundering on financial institutions.The author concludes financial institutions becoming the main road for money-laundering and finds out the value of anti-money-laundering by financial institutions.The first part is an overview of anti-money-laundering of financial institutions. The author points out the nature of money-laundering, introduces the definition of money-laundering, described the process of money-laundering. The author concludes that financial institutions have become a vital channel for money-laundering and point out the significance of anti-money-laundering by financial institutions.The second part introduces the legal regulations of anti-money-laundering in international organizations and the main developed countries. The legislations of United Nations, Basel Committee on Banking Supervision, FATF, United States and United Kingdom are introduced.The third part is the status of anti-money laundering of financial institutions in China:the legislation system, regulatory bodies, those obligations and the status quo of investigation and inspection on financial institutions.The fourth part studies how to improve the anti-money-laundering laws. First of all, improve the legal system of anti-money-laundering of financial institutions. Secondly, put forward sound anti-money-laundering mechanisms, including improve customer identification system, customer identification data and transaction record keeping system, large and suspicious transactions reporting system, incentive system.In the conclusion, the author collects all his views.