The Legislative Affairs Committee of the Standing Committee of the National People's Congress held a press conference today to introduce the legislative work. It is reported that the 11th meeting of the Standing Committee of the 14th National People's Congress will be held in Beijing from September 10 to 13. At that time, the revised draft of the Anti money Laundering Law will be submitted to the second instance of this meeting. It is reported that in April 2024, the 9th meeting of the Standing Committee reviewed the revised draft of the Anti Money Laundering Law. After the meeting, 1426 comments were received from 173 people during the public consultation on the website of the People's Congress of China. The general public has put forward opinions and suggestions on improving the definition of anti money laundering, protecting data and information security, balancing anti money laundering measures with ensuring the normal conduct of financial activities, and improving legal responsibilities. Wang Xiang, spokesman of the Legislative Affairs Committee of the Standing Committee of the National People's Congress, introduced that according to various opinions, the second review draft of the revised draft of the Anti money Laundering Law submitted to the Standing Committee meeting for consideration is proposed to make the following major amendments: First, further improve the principles and requirements of anti money laundering, ensure that anti money laundering measures are compatible with money laundering risks, and ensure the normal flow of funds and financial services. The second is to further improve the definition of anti money laundering, clearly listing seven types of upstream crimes, while adding fallback provisions, expanding the scope of upstream crimes, further revealing the harm of money laundering activities, highlighting the focus of anti money laundering work, and better aligning with relevant criminal law provisions. Thirdly, requirements are put forward for monitoring new types of money laundering risks. The fourth is to clarify the conditions and requirements for financial institutions to conduct customer due diligence and adopt money laundering risk management. The fifth is to further refine the provisions for specific non-financial institutions to fulfill their anti money laundering obligations. The sixth is to improve legal responsibility, adjust the range and amount of punishment, in order to achieve equal punishment. How to further balance the development of anti money laundering work with the protection of normal financial activities of units and individuals, and how to protect data security and personal information of citizens, are issues of concern to all parties in this amendment process. Financial institutions conducting customer due diligence and implementing money laundering risk management measures involve the rights and interests of both units and individuals. They need to handle the relationship between managing money laundering risks and optimizing financial services, especially in protecting data and information security, "said Wang Xiang. Wang Xiang stated that in order to further respond to social concerns, the revised draft of the Anti Money Laundering Law has made the following revisions: firstly, adding provisions that anti money laundering work should be carried out in accordance with the law, ensuring that anti money laundering measures are compatible with money laundering risks, safeguarding the normal flow of funds and financial services, and protecting the legitimate rights and interests of units and individuals. Secondly, it is required that financial institutions conduct customer due diligence based on customer characteristics, the nature of transaction activities, and the risk situation; For those involving lower money laundering risks, customer due diligence should be simplified. The third is to clarify the conditions for financial institutions to adopt money laundering risk management measures, and to stipulate the protection of basic and necessary financial services for customers. The fourth is to restore the current anti money laundering laws and strictly regulate the use of anti money laundering information, while increasing the protection of personal privacy. Fifthly, it is explicitly required that anti money laundering service agencies and their staff handle the data and information obtained from providing services in accordance with the law to ensure data and information security. The rapid development of current network technology, as well as various new technologies and formats such as blockchain, live streaming platforms, and virtual currencies, has increased the difficulty of discovering money laundering clues and accurately identifying money laundering activities. How to strengthen the monitoring and analysis of new money laundering activities is also an important content of this amendment. The rapid development of new technologies and business models has increased the difficulty of detecting and investigating money laundering activities, which is a common challenge faced by countries around the world Wang Xiang stated that in order to effectively address this challenge, the revised draft of the Anti Money Laundering Law has made the following revisions: firstly, it adds provisions for the State Council's anti money laundering administrative department to jointly issue money laundering risk guidelines with relevant national agencies, and timely monitor new money laundering risks related to new fields and formats. The second is to increase regulations that anti money laundering monitoring and analysis institutions should establish a sound monitoring and analysis system, carry out targeted monitoring and analysis work based on the money laundering risk situation, and provide feedback on the use of suspicious transaction reports to institutions that fulfill anti money laundering obligations in accordance with regulations, continuously improving the level of monitoring and analysis. The third is to increase regulations that financial institutions should pay attention to and evaluate the money laundering risks brought by new businesses, and take corresponding measures according to the situation to reduce money laundering risks. (New Society)