China: China to expand scope of legislation targeting money laundering, terrorism financing- PBOC

China’s central bank said on Wednesday it will put non-bank payment institutions, internet micro-lenders and consumer finance companies under the scope of anti-money laundering and anti-terrorism financing supervision.

The move is in part a response to shortcomings pointed out in 2019 by the Financial Action Task Force, an intergovernmental body to combat money laundering, the People’s Bank of China said in a statement.

“In recent years… international anti-money laundering requirements have become stricter,” it added.

“The pressure on anti-money laundering supervision in various countries has increased.”

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(Picture: Reuters)

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