On The Improvement Of China's Anti-Money Laundering Legal System

China's current anti-money laundering legislation started late,and has made great progress in applying international rules and drawing on the experience of relevant countries and regions,but there are still many problems.This article focuses on the anti-money laundering laws and regulations with the anti-money laundering law as the core from a narrow perspective.It conducts a comparative study of the anti-money laundering regulatory documents,anti-money laundering organizational structure and division of labor,and anti-money laundering regulatory measures in the Mainland and Hong Kong and Macao.China's deficiencies in these three levels,then compare the practices of Hong Kong and Macao in these three levels,and finally put forward corresponding suggestions to improve China's anti-money laundering legal system.In the aspects of the anti-money laundering regulatory documents:,The field of anti-money laundering in the mainland is too narrow;the internal control system lacks operability;the suspicious transaction reporting system needs to be improved;and the relevant legal responsibilities are light.In the anti-money laundering legal system in Hong Kong and Macao: the industry guidelines are operational;the scope of anti-money laundering is broader;at the same time,the characteristics of international organization rules are fully utilized.The Mainland should learn from Hong Kong and Macao: expand the concept of money laundering;broaden the scope of anti-money laundering supervision;strengthen the monitoring and restriction of specific high-risk activities;and increase the legal responsibility of the subject of anti-money laundering obligations.With regard to the structure and division of labor of anti-money laundering organizations,there is much room to improve.The relevant provisions of the mainland industry regulatory authorities are not coordinated;the division of labor between the competent authorities and industry regulatory authorities is unclear;the coordination mechanism of anti-money laundering supervision is out of order and specific non-financial industries lack of effective supervision.However,Hong Kong and Macao have set up efficient anti-money laundering coordination bodies and designated regulatory agencies for specific non-financial industries.Besides,the specific anti-money laundering division of labor is clear and effective.In view of the above-mentioned facts,the mainland should learn from Hong Kong and Macao in the following aspects.Firstly,it is necessary to coordinate and unify the anti-money laundering regulations of industry regulatory departments.Then clarifying the division of labor between competent departments and industry supervision departments and establish a systematic and effective regulatory coordination mechanism.It is also effective to designate regulatory agencies for specific non-financial industries.As for the anti-money laundering regulatory system in mainland: the implementation of the risk-oriented principle is not in place;the depth and breadth of anti-money laundering supervision is insufficient;a sound anti-money laundering information access and incentive mechanism has not yet been established.In Hong Kong and Macao,however,the concept of risk-based supervision has been accepted;the supervision is targeted and effective;much importance has been attached to encourage the initiative of financial institutions.Thereupon,the mainland should learn from Hong Kong and Macao to strengthen the concept of risk-based supervision;expand the breadth and depth of anti-money laundering supervision;improve anti-money laundering information access mechanism and establish anti-money laundering incentive mechanism.