China Gains Stamp of Approval for AML Efforts with Admission to FATF

By Matt Squire

With its admission to the Financial Action Task Force, China won a significant endorsement of its anti-money laundering efforts, but the nation must take further steps to improve the transparency of its financial system, international banking observers say. FATF approved China's membership during its plenary meeting in Paris this week, bringing the membership of the organization that sets international anti-money laundering (AML) policy to 34. China passed comprehensive AML laws in October 2006 to bring its system in line with FATF standards. The laws, which went into effect in January, require Chinese institutions to develop money laundering controls and customer...