OREANDA-NEWS. July 25, 2013. The 16th annual meeting of the Asia Pacific Group on Money Laundering (APG) was opened in Shanghai. It is the first time for China to host the APG annual meeting as a member state.

More than 400 participants attended the meeting, including those from the 41 member states and observer organizations of the APG, such as the International Monetary Fund (IMF), Financial Action Task Force on Money Laundering (FATF), and etc. Deputy Governor Li Dongrong and Shanghai’s Executive Vice Mayor Tu Guangshao attended the opening ceremony on July 16 and delivered speeches.

On behalf of the Chinese government, Deputy Governor Li Dongrong extended congratulations on the convening of the 16th APG annual meeting in China and welcomed the participants. He said that the international standards on anti-money laundering had experienced major changes along with the developments in the international situations.

This would exert new impact on and bring new challenges to the anti-money laundering work in the Asia Pacific region. As the rotating president and an important member of the APG, China will continue to honor her international obligations, support and actively participate in cooperation on anti-money laundering and counter-terrorism financing in the Asia Pacific region. Executive Vice Mayor Tu Guangshao welcomed the participants and provided an update of Shanghai’s progress in development and reform, and in building an international financial center.

In the 5-day meeting, the participants will have in-depth discussions on internal governance, observer acceptance, basic principles of implementing international standards on anti-money laundering in the Asia and the Pacific region, the follow-ups of the 2nd round of evaluation, the procedure of a new round of evaluation, work plan for the next year, and will establish an initial framework for AML programme in Asia and the Pacific region at the next stage. The Chinese delegation includes representatives from the People’s Bank of China, Ministry of Foreign Affairs, Ministry of Public Security, and the Taiwan Affairs Office of the State Council.

Founded in 1997, the APG includes 41 member states and 29 observers. Among the international organizations for regional anti-money laundering cooperation, it has the largest group of member states and covers the largest geographical area. The APG plays an important role in anti-money laundering and actively promotes the effective implementation of international standards on anti-money laundering in the region. As a founding member of the APG, China serves as the rotating president from July 2012 to July 2014.