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영어

“The Act of Anti-Money Laundering in China” was enacted at the 24th meeting of the Standing Committee of the 10th National People’s Congress of the People’s Republic of China on October 31, 2006 and was effective as of January 1, 2007. The Act is devised, for the purpose of preventing
money-laundering, maintaining the financial order, and restraining the crime of money-laundering and other related crimes. The term “anti-money laundering” in the Act refers to the act of adopting related measures of the Act to prevent any money laundering activity in order to conceal or disguise, by all means, the sources and nature of the criminal proceeds which is generated from any drug crime, organized crime in the nature of gangland, crime of terrorism, crime of smuggling, crime of corruption or bribery, crime of disrupting the financial management order, crime of financial fraud and etc. The Act mainly provided that general definition and
system of anti-money laundering, Supervision and Administration on Anti-money Laundering, Obligations of Financial Institutions for Anti-Money Laundering, Investigation on Anti-Money Laundering, International Cooperation on Anti-Money Laundering, and Legal Liabilities. It was
inevitable that the Act might have some problem in the practice. Sino-Korean Law of anti-money laundering may cross-reference each other. Foreign enterprises including Korean enterprises must be attentive to the provisions and practice of the Law.