Anti-Money Laundering
Asia, Taiwan, Hong Kong and Macau
China
On June 1, the People's Bank of China (PBOC) released news that the revision of the Anti-Money Laundering Law of the People's Republic of China (AML Law) has been included in the legislative work plan of the Standing Committee of the National People's Congress for 2021. In order to implement the financial work plan of the Party Central Committee and the State Council, the People's Bank of China has organized and drafted the Anti-Money Laundering Law (Draft Revision for Public Consultation), which is now open for public comments.
On June 3, Wenzhou Anti-Money Laundering Joint Conference was held for the first time, in recent years Wenzhou has maintained a leading position in the province in anti-money laundering work, with outstanding results in combating and preventing money laundering crimes and promoting the criminalization of money laundering. By the end of 2020, a total of 24 cases of money laundering crimes pronounced under Article 191 of the Criminal Law were promoted, and the number of convictions ranked first in the province among local cities.
Europe
United Kingdom
On June 3, the UK Financial Conduct Authority (FCA) concluded that many cryptocurrency companies are unable to meet the UK's regulatory requirements to prevent money laundering. For those companies that do not meet the requirements, the UK introduced a temporary regulatory permission system to allow them to continue trading. The U.K. has established what it calls a "Temporary Registration Regime" and has now postponed the final deadline for registration from July 9, 2021 to March 31, 2022. The FCA said in a statement that an unusually high number of businesses failed to meet the standards set out in the anti-money laundering regulations, pushing back the deadline so that businesses can continue to operate while the FCA continues to assess them.
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