Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Chinese Snack-Maker Shapes Up as a Spicy Hong Kong Offering
Fresh Funding Lifts Blockchain-Based Gaming Firm Animoca Into Unicorn Club
Foxconn Drives Deeper Into Car Manufacturing With Fisker Deal
Tesla Wannabe Xpeng Reports Shrinking Losses as Deliveries Explode
Tencent Brings in Nearly $500 Million From ‘Honor of Kings’ and ‘PUBG Mobile’ in April
U.S. Senate Advances Bill That Would Ban TikTok from Government Devices
WeRide Raises Fresh Capital as It Ponders How to Make Money Off Self-Driving Cars
China’s 2021 Smartphone Sales Surge Comes to an End in April
Trending in China: Weibo Turns On E-Bike Riders After Battery Explodes in Elevator
U.S. Senate Committee Presses Companies to Comply with Rule Designed to Limit Supply Sales to Huawei Receives Green Light to Run Autonomous Freight Business in Guangzhou
Trending in China: Stories of Young Survivors on 13th Anniversary of Wenchuan Earthquake
Internet Security Apps Called Out for Personal Data Abuse
Online Insurance Upstart Yuanbao Bags $156 Million in New Funding Works with Luminar to Build Lidar-Powered Sensing System for Driverless Cars
Self-Driving Truck Startup Plus Aims for U.S. Listing in SPAC Deal
Biotech Firm BeiGene Turns First Profit Since 2018 Hong Kong Listing
Indian Online Education Startup Teachmint Pockets $16.5 Million in New Funding
MediaTek Processors Power 50% of Smart Speakers and Displays Sold Globally in 2020, Research Firm Says
Singapore-Based E-Commerce Aggregator Una Brands Raises $40 Million for Asia-Pacific Acquisitions
China Gets Passing Grade From International Review of Its Anti-Money Laundering Efforts — With Caveats

By Timmy Shen / Feb 25, 2019 03:46 PM / World

Photo: VCG

Photo: VCG

China has taken a step forward in the country’s efforts to combat money laundering and financing of terrorism.

The country completed its fourth round of mutual evaluations with the Financial Action Task Force (FATF), an intergovernmental standards-setter on money laundering and other economic crimes on Thursday.

The plenary of the FATF concluded that “China has the foundation for a sound system to tackle money laundering and terrorist financing, but should strengthen its financial intelligence unit and use of financial intelligence,” the organization said on its website.

The finding comes as a relief to China, whose most significant challenge during this round of evaluations was proving its money laundering controls were in line with global standards, a domestic regulator told Caixin.

China became a member of the Paris-based FATF in 2007 after completing two rounds of mutual evaluations and accepting a third. The country’s first money laundering law was enacted that same year. The FATF is expected to release its full report on the latest China evaluations in April.

The FATF conducts peer reviews of each of its members on an ongoing basis to assess their implementation of its recommendations to prevent criminal abuses in their financial systems.

The country’s banking regulator last week issued stricter rules targeting banks’ money laundering and counter-terrorist financing practices, outlining requirements for banks to conduct stricter background checks of shareholders and executives, as well as track capital sources.

Related: China Imposes Stricter Anti-Money Laundering Rules


Share this article
Open WeChat and scan the QR code