China Anti-money Laundering System

Since 1980s, the money laundering crime has been increasingly rampant and rapidly spread in the national scope, using all kinds of methods. After being laundered by organizing and plan, continuous ill-gotten money camouflages into legal money, entering the economy and corroding the health of the national economic system. Money laundering crime seriously threats the world politics and economic order, which has become a public enemy faced by countries all over the world. The money laundering has also destructed the finance management order and safe in China. It seriously damages the credit foundation between China and the international society, at the same time, has initiated many serious social questions. In 1997, China interpolated the money laundering crime to the criminal law for the first time. In 2003, the People's Bank of China promulgated and implemented " Anti- Money laundering Stipulation Of Financial Institutions ", " Renminbi Large quantity And Suspicious Payment Transaction Report Policing method " and "Financial institution Large quantity And Suspicious Foreign exchange Fund Transaction Report Policing method" laws and regulations, which constituted the Chinese anti- money laundering financial laws and regulations system with "Bank Account management Means" ,"Personal Saving Account Real Name System Stipulation" and "Within the boundaries Exchange control Account management Means" and so on the financial laws and regulations previously appeared by the People's Bank of China and National Foreign Exchange Bureau. The State Council also decided to appoint the PBC to undertake the organizing and coordinating the work of national anti- money laundering. Compared with the international advanced anti- money laundering experiences, China's anti- money laundering efficiency is not enough high. In 2004, when the seventh year after the money laundering crime being interpolated to the...