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China Releases Latest Anti-Money Laundering Report, 401 Institutions Punished

Tue, 21 Mar 2023
Categories: China Legal Trends

On 30 Jan. 2023, the People's Bank of China (PBC) issued the “China Anti-Money Laundering (AML) Report 2021”.

The PBC is China’s central bank and the AML regulator.

In 2021, the PBC branches at all levels carried out AML enforcement inspections on 638 obligated institutions.

401 institutions were given administrative penalties for AML violations, with fines amounting to CNY 321 million(approx. USD 46 million). In addition, a total of 759 individuals were punished for their violations, with fines amounting to CNY 19.36 million (approx. USD 2.8 million).

In 2021, the China Anti-Money Laundering Monitoring & Analysis Center received large-value transaction reports and suspicious transaction reports from 4,453 reporting institutions, including 3.816 million suspicious transaction reports, an increase of 47.52% year-on-year.

In 2021, the PBC branches processed 16,196 key suspicious transaction clues, and conducted AML investigations 7,321 times into the 692 clues requiring thorough investigation. In addition, the PBC assisted law enforcement authorities to detect 1,004 suspected money laundering cases, up 41.4% year-on-year.

In 2021, Chinese procuratorates approved the arrest of 28,938 people in 15408 cases suspected of money laundering crimes, and initiated the prosecution of 47,025 people in 24,341 cases.

In 2021, Chinese courts concluded 15,368 money-laundering cases at first instance according to the law, and judgments against 31,883 defendants have taken effect.

 

 

Cover Photo by 李大毛 没有猫 on Unsplash

 

Contributors: CJO Staff Contributors Team

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