CHINA: FATF AML/CFT UPDATE REPORT

On 1 October, FATF published its 1st Enhanced Follow-up Report on China, following the 2019 mutual evaluation of China, since which it has been in the enhanced follow-up process.  To reflect China’ progress, FATF has re-rated the country on Recommendation 26 (Regulation and supervision of financial institutions) – from “partially compliant” to “largely compliant”; and Recommendation 34 (Guidance and feedback) – from “partially compliant” to “largely compliant”.  It also looks at whether China’s measures meet the requirements of FATF Recommendations that have changed since the 2019 mutual evaluation.  FATF agreed to maintain the rating of “Compliant” for Recommendation 2 (National cooperation and coordination) and FATF upgraded the rating for Recommendation 15 (New technologies) from “partially compliant” to largely “compliant”.  China is now compliant on 7 of the 40 FATF Recommendations and largely compliant on 18.  It remains partially compliant on 9 of the 40 Recommendations and not compliant on 6 of them.  China remains in enhanced follow-up and will report back to the FATF on progress to strengthen its implementation of AML/CFT measures in October 2021.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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