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Global Watchdog Gives China, U.K. High Marks in AML Evaluations
By Brian Monroe
printChina has bolstered its anti-money laundering (AML) laws and regulations in a short amount of time, but the nation's program is deficient in some key areas, such as identifying the beneficial owners of companies, and gives little attention to battling terrorist financing, according to the organization that sets global AML standards. In an evaluation issued July 6 by the Paris-based Financial Action Task Force, China was deemed fully compliant with eight of FATF's 49 recommendations on money laundering and terrorist financing and noncompliant with eight others. In reports issued July 5, FATF called the United Kingdom's AML program "comprehensive" and...
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