On April 15, the 2020 PBC Anti-Money Laundering Virtual Work Conference was held in Beijing. The conference fully recognized anti-money laundering (AML) achievements made by the People’s Bank of China (PBC) in 2019, analyzed the current AML situation, and made comprehensive arrangements for AML work in the future. Liu Guoqiang, member of the CPC PBC Committee and Deputy Governor, attended and addressed the conference.
It was noted at the conference that under the leadership of the CPC Central Committee and the State Council, with concerted efforts made by the PBC and members of the Joint Inter-Ministerial Conference on Anti-Money laundering (JIMCAML), the Mutual Evaluation Report of China was adopted by the Financial Action Task Force (FATF) Plenary, the revision of the Anti-Money Laundering Law was formally initiated, the AML work was incorporated into the agenda of the Financial Stability and Development Committee (FSDC) under the State Council, AML planning, coordination, regulation, investigation, monitoring and analysis were brought to a new height, and solid progress was made in holding the FATF Presidency and deepening international cooperation.
It was pointed out at the conference that the PBC should thoroughly study Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and enhance political stance, so as to keenly understand the importance of AML work, enhance the sense of responsibility and mission, and bring AML into full play for the noble purpose of safeguarding national economic and financial security, promoting the modernization of China’s governance system and capacity, and participating in international governance. First, the system of AML regulations should be fully improved with the revision of the Anti-Money Laundering Law as the main task. Second, the building of an AML coordination mechanism should be advanced under the guidance of the FSDC under the State Council. Third, the follow-up rectification work of the FATF mutual evaluation should be pushed forward in a problem-oriented manner. Fourth, AML regulation should be strengthened in a risk-based approach to further improve its effectiveness. Fifth, money-laundering and relevant criminal activities should be vigorously cracked down on by taking full advantage of AML investigation, monitoring and analysis.
It was stressed at the conference that the PBC should make coordinated efforts to advance both COVID-19 containment and the AML work, comprehensively consolidate Party building work throughout the AML system, ensure full and strict governance over the Party, put more effort into cultivating the AML team, and provide political guarantee for law-based and effective duty performance.
Attendees included relevant PBC departments and bureaus, officials in charge of AML work from the PBC Shanghai Head Office, branches, operations offices as well as provincial-level, sub-provincial-level and prefecture-level central sub-branches. Also attending the conference were representatives from the discipline inspection and supervision team stationed at the PBC from the CPC Central Commission for Discipline Inspection(CCDI) and the National Commission of Supervision (NCS), Supervision and Inspection Department of the State Administration of Foreign Exchange (SAFE), and National Internet Finance Association of China (NIFA).
