Study On Anti-money Laundering Supervision Of Hong Kong CNY Offshore Market Under CNY Internationalization

The Hong Kong CNY offshore market is established as the process that can realized the CNY internationalization rather than the CNY regionalization, in order to make the CNY current as hard currency shall, like United Stated dollar,which can be freely convertible in global economic market. It can be estimated that the interest and benefit from the CNY offshore market will enhance the globalization of China economy and improve the Chinese economic development. However, the CNY offshore market is a good opportunity but a bad supervision. The preferential tax system and lax regulatory environment are also violate financial markets administration and cause risk of financial,especially the risk of money laundering. Therefore,the government and the instruction should strengthen the supervision of offshore financial market.Based on the broken window theory, public interest theory,public choice theory and social control theory, the present paper sum up offshore financial market current situation in Hong Kong, analysis the risk from offshore financial market, and state the method to prevent the offshore financial market money laundering, using multiple research methods such as literature analysis method and interviews.The paper firstly elaborates the concept, types and features of offshore financial market, describes the present situation of Hongkong CNY offshore market, including key products, operating condition and policy. Secondly, the paper analyzes the CNY supervision problems in Hongkong by People’s Bank of China and Hong Kong Monetary Authority. In this part, some basic knowledges of money-laundering are introduced, moreover, the contents of market supervisor, the function and pessent supervision condition of the Hongkong RMB offshore market, the law of Anti-money laundering are pointed out as well. In the last part, this paper evaluates the present supervisor situation on the view of experiences of anti-money laundering. At the same time, some suggests are presented to construct the overall AML system of CNY offshore market in HongKong from the aspects of institution-building, internal control mechanisms and financial regulatory cooperation.