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After Gaining FATF Membership, China Still Faces AML Enforcement Hurdles

By Brian Orsak

Ao Man Long, a former secretary of transport and public works in Macau, was indicted last month for abuse of power, accepting bribes and money laundering, activities that Chinese authorities say helped build his assets to a level 50 times greater than his annual salary. What's most remarkable about the case, which occurred in one of China's two special administrative regions, is that it's not unusual, says anti-money laundering compliance consultant Peter Gallo. "There's barely a day that goes by without a corruption scandal," he said. The ordinariness of such lower-level government corruption is inhibiting the enforcement of anti-money laundering...

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