Improve Our Anti-money Laundering Regulation Of Financial Regulatory Laws

This article is a theoretical study on the current legal regulation of financial supervision on anti—money laundering. Anti—money laundering has become an important global issue because of the trend of economic globalization and financial electronicalization. The financial field has become a preferred choice of money launderers because of its inherent industry features, mode of operation and business. Financial sectors are always at the first line of defense. Therefore, strengthening financial supervision and promoting the role of financial institutions has become the focus of anti—money laundering act. The anti—money laundering legislation and act has also mainly focused on financial institutions, especially on the banking financial institutions.After China joined the WTO, with the accelerated pace of opening up to the outside world, international organized crime and the infiltration of lawless elements will be further intensified, and money laundering activities will show a growing trend of expansion, diversification and complexity. Therefore, the demand of reforming the financial system and integrating into the international community make it necessary for Chinese financial industry to draw on international experience, set up effective legal regulation of financial supervision on anti—money laundering and give full play to anti—money laundering act in the aspect of prevention and control. Since January 1, 2007, many new laws and regulations on anti—money laundering act. such as Anti—money Laundering Law, Regulations on Anti—money Laundering by Financial Institutions, and Methods on Report of Large Amount Transaction and Suspect Transaction by Financial Institutions, have being implemented. The concern of combating money laundering crime has risen to a new level in our history. At present, China has preliminarily established a legal framework of anti—money laundering. The institutional mechanisms include not only the central bank but also other banking institutions of all levels, from the macro level to the specific aspects. However, there are still some weak links in the actual operation of the mechanism of financial supervision, which impact on the effectiveness of preventing and combating the money laundering activities. Therefore, it is very significant and realistic to research the legal issues on financial supervision on anti—money laundering at this stage.The main content is divided into four parts. The first part is the general outlook on money laundering and anti—money laundering. A brief overview on the formation and development of money laundering activities is introduced firstly. Then, anti—money laundering activities is accordingly presented. After a concise introduction of the general situation of international anti—money laundering act, the legal value of anti—money laundering legislation and the core of anti—money laundering activities are stressed. The function of this part is to lay foundation for the following content. In the second part, comparative and historical analysis method is used to discuss the current legal regulation of financial supervision on anti—money laundering of international community. In the aspect of international legal regulation, the legal norms of the United Nations, the Basel Committee on Banking Supervision, the Financial Action Task Force and Interpol are promoted. In the side of domestic legal regulation, the experience of the United States, Britain and Australia is selected as focal point. Through the two aspects, inspiration is abstracted in order to promote Chinese legal regulation of financial supervision on anti—money laundering. In the third part, the status quo of Chinese financial supervision on anti—money laundering is analyzed specifically. China's achievements on this aspect are fully showed, which cover the formulation and improvement of the relevant legislation, the anti—money laundering regulatory institutions and coordinating mechanisms, and international communication and cooperation of anti—money laundering act. Then, some problems, which exist in Chinese legal regulation of financial supervision on anti—money laundering have being pointed out. Empirical analysis way is used to explain present situation, consisting of the phenomenon, the analyzing conclusion, and its internal law. In the last part, some specific suggestions on perfecting legal regulation of financial supervision on anti—money laundering are recommended, and certain related issues are discussed from economic aspect, in order to promote the construction of Chinese legal system of anti—money laundering, and contribute to the stability and prosperity of financial industry.On the basis of theoretical study on financial supervision on anti—money laundering, I explore the related legal issue from both international and domestic aspects. Through studying the theoretical research results and practical exploration experience of financial supervision on anti—money laundering of the international community, and combining the reality of our country, I make some suitable suggestions, with a view to improve and perfect Chinese legal regulation of financial supervision on anti—money laundering, and create a competitive and developing environment which is harmonious, orderly, and fair.