BEIJING – The Chinese government will coordinate supervision to fight money laundering, terrorist financing and tax evasion, according to a guideline made public Wednesday.
By 2020, China should be able to effectively prevent and control money laundering, terrorist financing and tax evasion by improving laws and regulations and coordinating the work of different government departments, said the guideline.
It has been posted on the website of the State Council, China's cabinet.
Supervision has improved since China's anti-money laundering law became effective in 2007. The supervision mechanism, however, is far from being perfect, inter-departmental information sharing is insufficient and China's international participation in this field does not match its international status.
China will reinforce coordination of government supervision on the basis of an inter-departmental joint meeting on money laundering and work out an overall strategy, the guideline said.
The country should also improve the legislation related to money laundering and terrorist financing, and strengthen risk monitoring and supervision of non-financial entities including real estate agencies and precious metal and jewelry sales companies.
China should expand information sources for monitoring money laundering activities, and improve the supervision of abnormal cross-border capital flow to prevent and crack down on cross-border financial crimes, according to the document.
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