On 29 November, FATF published the Second Enhanced Follow-up Report on China, saying that, overall, it has made progress in addressing some of the technical compliance deficiencies identified in its 2016 Mutual Evaluation report.  The country has been upgraded on 2 FATF Recommendations: Recommendation 7 – Targeted financial sanctions related to proliferation; and Recommendation 24 – Transparency and beneficial ownership of legal persons.  China is now compliant on 9 Recommendations, largely compliant on 22 and partially compliant on 5 Recommendations.  The country remains non-compliant on 4 Recommendations.  China will remain in enhanced follow up and will continue to inform the FATF of progress achieved on improving the implementation of its AML/CFT measures.

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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