OREANDA-NEWS. October 28, 2014. The seventh working meeting of the Joint Ministerial Conference on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) was held in Beijing.

Participants reviewed the progress of AML/CFT since the sixth working meeting, analyzed the current AML/CFT situation in China, discussed on tasks to be completed in the next stage, and deliberated on the Overall Plan of National Money Laundering and Terrorism Financing Risk Assessment.

The meeting was attended by responsible officials from the 23 member agencies of the Conference. On behalf of Governor Zhou Xiaochuan, Chairman of the Joint Ministerial Conference, PBC Deputy Governor Li Dongrong delivered a work report titled Deepening the Reform of Anti-money Laundering and Combating the Financing of Terrorism Mechanism, and Effectively Enhancing the Efficiency of AML/CFT Work. Ms. Zhang Yanzhen, Deputy Minister of the Ministry of Justice, and Mr. Fu Kui, Director-General of the International Cooperation Bureau of the Ministry of Supervision, and other senior officials addressed the meeting.

Deputy Governor Li Dongrong pointed out that under the leadership of the State Council and with the hard work of member agencies, the AML/CFT mechanism has improved continuously and made notable achievements. A series of laws and regulations on AML/CFT have been amended and promulgated, and international cooperation on AML/CFT has been strengthened. The monitoring of money laundering and terrorism financing has been significantly improved, law enforcement and regulatory efforts strengthened, and public awareness of AML/CFT has been raised continuously. The AML/CFT work has played an important role in safeguarding national security and economic safety.

Deputy Governor Li Dongrong provided an analysis and assessment of the international and domestic environment and situations at home and abroad facing the anti-money laundering work in China. He emphasized that given the major revision of the international standards on anti-money laundering and the very grim domestic situation in terms of violent terrorist activities, the anti-money laundering work has been upgraded to the national strategic level, and the anti-money laundering regime needs to be improved continuously. Looking ahead, the member agencies of the Joint Ministerial Conference should join hands to enhance synergy and focus on the following points:

1)build a money-laundering and terrorist financing risk assessment mechanism at the national level and formulate a comprehensive national anti-money laundering strategy; 2) further improve the system of laws, rules and regulations governing anti-money laundering and combating the financing of terrorism; 3)strengthen information sharing and data digging to enhance the effectiveness in preventing and combating money laundering and terrorist financing; 4)deepen international cooperation and improve China’s international influence in anti-money laundering; 5) strengthen training to build a contingent of anti-money laundering professional staff.

In the meeting, the delegates, representing the member agencies, deliberated on the work report and the Overall Plan of National Money-Laundering and Terrorist Financing Risk Assessments, and exchanged information and views on the anti-money laundering work in their respective agencies.

The Anti-Money Laundering Joint Ministerial Conference has the following member agencies: Supreme People’s Court, Supreme People’s Procurotorate, General Office of the State Council, Ministry of Foreign Affairs, Ministry of Public Security, Ministry of State Security, Ministry of Supervision, Ministry of Civil Affairs, Ministry of Justice, Ministry of Finance, Ministry of Housing and Urban-Rural Development, Ministry of Commerce, People’s Bank of China, General Administration of Customs, State Administration of Industry and Commerce, State Administration of Press, Publication, Radio, Film and Television, Legal Affairs Office of the State Council, the CBRC, CSRC, CIRC, State Administration of Foreign Exchange, and the General Staff Department of People’s Liberation Army.