The PBC held its 2021 Anti-Money Laundering Virtual Work Conference in Beijing on February 25. The conference fully recognized anti-money laundering (AML) achievements of the People’s Bank of China (PBC) in 2020. It analyzed the current AML situations and made comprehensive arrangements for priority AML work in 2021. Liu Guoqiang, member of the Communist Party of China (CPC) PBC Committee and Deputy Governor of the PBC, attended and addressed the conference.
It was held at the conference that guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the PBC has earnestly implemented the decisions and arrangements made by the CPC Central Committee and the State Council. The PBC conscientiously performed its AML responsibilities, cooperated with members of the Anti-Money Laundering Joint Ministerial Conference (AMLJMC) to tide over difficulties, actively advanced the amendments to AML laws and regulations including the Anti-Money Laundering Law, and continuously strengthened the AML coordination mechanism. A “two-pillar” AML supervision mechanism featuring risk assessment and law enforcement inspection has been basically established, and the investigation, monitoring and analysis of AML achieved remarkable results. In addition, the Chinese Presidency of the Financial Action Task Force (FATF) was smoothly completed, and there has been good progress in China’s post-mutual evaluation rectifications required by the FATF, all of which represent new achievements in China’s AML work.
It was pointed out at the conference that in 2021, based on the new development stage, the PBC should apply the new development philosophy and build a new development pattern for China’s AML work. First, the PBC will strengthen Party leadership over the AML work to provide strong political guarantee. Second, the PBC will study and formulate China’s AML development strategy and identify the direction of the AML work. Third, the PBC will actively advance the amendments to the Anti-Money Laundering Law and continuously improve the AML system. Fourth, the PBC will vigorously enhance AML coordination mechanisms and promote a synergy among various departments. Fifth, the PBC will proactively strengthen the risk-based AML supervision to improve the quality and efficiency of AML supervision. Sixth, the PBC will give full play to the advantages of AML investigation, monitoring and analysis to effectively crack down on money laundering crimes and various upstream crimes. Seventh, the PBC will actively participate in global AML governance and steadily promote the post-mutual evaluation rectifications. Eighth, the PBC will meticulously enhance AML team building and continuously upgrade the capacity to perform duties.
