On September 11, the 11th meeting of the Standing Committee of the 14th National People's Congress reviewed the second draft of the revised anti money laundering law in groups. The attendees proposed that the "Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Application of Law in Handling Criminal Cases of Money Laundering" (hereinafter referred to as the "Interpretation"), which was released in August 2024, clearly stipulates that money laundering crimes through "virtual asset" transactions should be reflected in the revised draft. In the group review, participants generally expressed that the revised draft of the second review will absorb the opinions of the Standing Committee meeting and various opinions, further balance the relationship between carrying out anti money laundering work and safeguarding the normal financial activities of enterprises and individuals, clarify the design of relevant relief procedures, safeguard the legitimate rights and interests of enterprises and citizens, do a good job in connecting with relevant provisions of the Criminal Law, highlight the key points of anti money laundering work, and make coherent provisions on the legal responsibility for money laundering activities carried out through illegal channels. At the same time, in response to new situations and problems related to money laundering, we have increased monitoring of various new types of option risks and made overall improvements. To further expand the scope of upstream crimes related to money laundering, it is recommended to align with international anti money laundering standards. The international standard for anti money laundering is to apply the crime of money laundering to all serious crimes Member Jiang Chaoliang expressed concern that the "Interpretation" clearly stipulates the crime of money laundering through "virtual asset" transactions. He stated that this provision is quite practical and should be reflected in the revised draft. Wang Juntan, a deputy to the National People's Congress who attended the meeting as a nonvoting delegate, also mentioned the Interpretation in his speech. He said that the Interpretation includes "trading through 'virtual assets'" in the scope of money laundering through other means. It is suggested to add provisions in the revised draft regarding strengthening the monitoring and analysis of "virtual assets". In order to assist the judicial department in cracking down on illegal activities related to "virtual assets", anti money laundering obligation subjects can be required to strengthen the monitoring and analysis of "virtual assets". Member Ouyang Changqiong stated that the relevant actors should be further clarified. "The benefits of this are twofold: firstly, it clarifies the responsibilities and obligations of relevant national agencies in anti money laundering work; secondly, it facilitates the coordination and cooperation of work in anti money laundering practice, improves the operability of legal implementation, and reduces arbitrariness." Member Guo Shuqing suggested improving the relevant statements on the principles and provisions of anti money laundering work. "Member Guo Shuqing said that it is necessary to ensure both normal financial services and the effective performance of anti money laundering departments and obligated institutions, and to take corresponding risk management measures for abnormal transactions such as suspected money laundering. Vice Chairman Zheng Jianbang suggested that the connection with the Personal Information Protection Law should be well done. Member Zhang Yong suggested that the legal responsibilities of specific non-financial institutions for violating this law should be further clarified and refined to facilitate practical implementation. (New Society)
Edit：Chenjie Responsible editor：Wang Chen
Source：http://rmfyb.chinacourt.org
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