A Study On Building Anti-Money Laundering System In China

Money Laundering is a kind of activity that covers up or conceals the illegal income and disguises it as legal income. Money Laundering has done a great harm to social economy and politics, arousing the social concern for Money Laundering. International society and the main developed countries have earlier concerned about the social harm of Money Laundering and they have listed a series of measures of anti-Money Laundering in the international treaties and documents.The building of anti-Money Laundering system in our country is relatively late. The Criminal Law amended in 1997 had provided some items on Money Laundering crime. It has important meaning on anti-Money Laundering system that the passing of the anti-Money Laundering Law in Oct. 2006. The revolving system of anti-Money Laundering led by the government is also in process, for example, they established the anti-Money Laundering bureau and the supervisory and analytical center of anti-Money Laundering and also the bureaucratic conventional system to make the harmonious work of every department work better. As to international co-operative, China has entered EAG and FATF successively. And, China established bilateral co-operational system on anti-Money Laundering with many areas and countries around it.Although the building of anti-Money Laundering system has made a great progress, there are also many fall shorts, including of the imperfection of the anti-Money Laundering law system, the insanity of government organization of anti-Money Laundering, the imperfection of system in financial sector, the weakness of participation in international anti-Money Laundering co-operative. To solve these problems, this essay puts up the countermeasures basing on the theories of anti-Money Laundering and the experience of anti-Money Laundering of USA:Firstly, strengthening the legislation of anti-Money Laundering, expanding the crimes that lead to Money Laundering; perfecting the regulation of non-financial institutions'anti-Money Laundering duties. Secondly, consummating the government's anti-Money Laundering organization system. When building the government's anti-Money Laundering organization system, we should explicitly regulate the duties of every department in the anti-Money Laundering course, and make these departments works well together. Thirdly, perfecting incentive and restrictive mechanic of anti-Money Laundering in financial sector. This essay analyses mainly the necessity of the change from the single compulsory regulation to incentive regulation of the government, and puts forward relative suggestions. Lastly, strengthening international anti-Money Laundering co-operative, including establishing reasonably criminal jurisdiction of Money Laundering, perfecting the assets recovering system in international anti-Money Laundering co-operative.