Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

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.

TRENDING
Retail Giant Suning’s Founder Has Shares Frozen Amid Cash Crunch
Used Gadget Specialist Aihuishou Aims for $261 Million IPO
LATEST
Used Gadget Specialist Aihuishou Aims for $261 Million IPO
Retail Giant Suning’s Founder Has Shares Frozen Amid Cash Crunch
ByteDance Seeks to Monetize Its Recommendation Tech With Launch of Volcano Engine
Alibaba Developing Self-Driving Trucks With Logistics Arm Cainiao
Chinese LGBTQ Dating App Owner BlueCity Derives 80% of First-Quarter Revenue From Livestreaming
Huawei Opens Cybersecurity Center in South China to Share Best Practices
Hanson Robotics Launches Social Robot Prototype for Health Care
Geek+ Wins Contract from Hong Kong's Circle K to Deploy Depot Robots
Two Tesla Models Among China's Three Best-Selling Electric Cars in May
Xiaomi, Meituan Co-Lead New Funding Round for Lidar Developer Hesai
Dating Apps Operator Momo Reports Revenue and Profit Down as Paying Users Shrink
CATL and BYD in Talks with Apple for EV Battery Supply
Trending in China: Beijinger’s Tirade Against ‘Stinky’ Migrant Sparks Condemnation
Delivery Platform Dada Losses Swell Despite Healthy Revenue Growth
Xiaomi, Vivo and Oppo Sold One-Third of the World’s Smartphones in First Quarter
Sina-Led Consortium in Talks to Buy Stake in Gaming Firm Yoozoo
EHang Expands Self-Flying Vehicle Testing to Japan, Even as Losses Mount
Huawei Ramps Up Investment in Chipmaking as U.S. Sanctions Bite
Meituan Launches Fund to Boost Research Into Low-Carbon Technology
Trending in China: College Hopefuls Tackle Essay on Party History
China Needs to Fight Nonfinancial Money Laundering, Global Body Finds

By Peng Qinqin and Han Wei / Apr 19, 2019 02:16 AM / Finance

Photo: VCG

Photo: VCG

China needs to step up oversight of online lenders, property agencies and other nonfinancial organizations to plug gaps in the fight against money laundering and terrorism financing, a global watchdog group said Wednesday.

The Paris-based Financial Action Task Force (FATF), an intergovernmental organization that sets standards and promotes countermeasures against money laundering, terrorist financing and other financial crimes, issued the finding in a report. In February, the agency approved China’s performance in its fourth round of anti-money laundering evaluation, citing “the foundation of a sound system.”

The report details the FATF’s assessment of inadequacies in China’s efforts to thwart financial crimes.

“While the People’s Bank of China (PBOC) has a good understanding of how its financial institutions could be abused by criminals and terrorists, it has little to no understanding of the risks facing nonfinancial businesses and professions,” the FATF said. “Hiding the persons who ultimately own or control a legal entity is facilitated by fundamental legal shortcomings and effectiveness issues. This deficiency also notably affects efforts to address corruption.”

The organization suggested that China should extend preventive measures, including reporting of suspicious transactions, to designated nonfinancial businesses and professions and online lending institutions and should introduce requirements on domestic politically exposed persons.

The PBOC said in a statement it appreciated the FATF’s affirmation of China’s anti-money laundering efforts and advice for improvements. But the bank also noted that some conclusions in the report reflect differences in the judiciary system and culture of China, as well as limited time to carry out the assessment.

Related: China Needs to Do Better Collecting Data on Money Laundering, Agency Says

Share this article
Open WeChat and scan the QR code