On October 9, 2018, the People’s Bank of China (PBC), the China Banking and Insurance Regulatory Commission (CBIRC), the China Securities Regulatory Commission (CSRC) and the State Foreign Exchange Administration (SAFE) held the Financial Sector Anti-Money Laundering Work Conference in Beijing. The conference was mainly intended to identify the situation and tasks facing the financial system in the current anti-money laundering and counter-terrorist financing (AML/CTF) efforts, exploring how to conduct AML/CTF measures in the new era, and making proper arrangements. Governor Yi Gang of PBC, Vice Chairman Huang Hong of CBIRC, Vice Chairman Li Chao of CSRC, Deputy Administrator Xuan Changneng of SAFE attended and addressed the conference. Deputy Governor Liu Guoqiang of PBC presided over the conference.
Participants agreed that the implementation of AML/CTF measures is a key element in building a system of socialist rule of law with Chinese characteristics and modern financial system, an important guarantee for modernizing the capacity for governance, maintaining economic and social safety and stability, and a crucial means of participating global governance and expanding the two-way opening-up of the financial sector. In recent years, under the leadership of the CPC Central Committee and the State Council, closely following the international standards of the Financial Action Task Force (FATF), we have made remarkable progress in AML/CTF in the financial system. However, the anti-money laundering (AML) still faces severe domestic and international situations. With increasingly strict AML international standard, the international AML peer review has entered a crucial stage. Meanwhile, AML/CTF is taken as an important measure of risk control for both the expansion of two-way opening-up of the financial sector and the tough battle to prevent and control financial risks. The monitoring of anti-money laundering has become an important part of financial supervision.
As stressed in the conference, the financial system， which is “the first defense” against money laundering, shall recognize the existing problems in present AML operations. It shall solve the problems in awareness and understanding as well as those in system and mechanism, and at the same time improve both the compliance and effectiveness of AML operations.
The conference required that, the financial system shall fully implement the spirit of the 19th CPC National Congress, the Central Economic Work Conference, and the National Financial Work Conference, under the guidance of Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era, stay true to our founding mission and faithfully implement the Opinions on Improving the Regulatory Systems and Mechanisms of Combating Money Laundering, Terrorist Financing and Tax Evasion. We shall pursue a holistic approach to national security and hold fast to the bottom line, further improve the regulatory systems and mechanisms of AML/CTF in a problem-oriented manner and perform well in the AML/CTF of financial system in the new era.
Over 150 representatives from major financial institutions, payment institutions, China UnionPay, financial associations, payment and clearing associations, internet finance associations and relevant departments and bureaus of PBC headquarters attended the conference. Representatives from branches of PBC, banking regulatory bureaus, securities regulatory bureaus and insurance regulatory bureaus as well as major local financial institutions attended the meeting from the parallel venues via video conference.
