China mulls revising anti-money laundering law

BEIJING, April 23 (Xinhua) -- Chinese lawmakers on Tuesday started deliberating a draft revision to the Anti-Money Laundering Law, with rules specifying anti-money laundering obligations for specific non-financial institutions.

The draft was submitted to an on-going session of the Standing Committee of the National People's Congress, the national legislature, for deliberation.

Comprising 62 articles in seven chapters, the new draft strengthened the supervision and management of anti-money laundering and improved provisions on anti-money laundering obligations.

The draft clarified the range of non-financial institutions involved and their anti-money laundering supervision obligations.

It also stipulated the obligations for financial institutions, requiring them to establish and improve the internal control mechanism for anti-money laundering, carry out customer due diligence and keep customer identity information materials and transaction records.