Anti-money laundering law enhanced
China DailyChina is set to enhance its ability to monitor new types of money laundering risks as emerging technologies have made detecting these activities more difficult, a senior legislator said on Monday. Wang Xiang, an official with the Standing Committee of the National People's Congress, the country's top legislature, said at a news conference that a draft amendment to the Anti-Money Laundering Law aims to address the growing challenges posed by new technologies and sectors. "The revision seeks to tackle the difficulties in detecting and addressing money laundering activities in an era where new technologies and emerging businesses are booming," Wang said. The draft amendment requires government agencies to issue timely guidelines to monitor money laundering risks in emerging industries.
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