On December 26, 2008, the 5th Working Meeting of the Joint Ministerial Conference on Anti-Money Laundering (AML) was convened in Beijing. The meeting summarized the progress of the AML work since the 4th working meeting and made arrangements for the work in the next stage, focusing on discussion of the China’s AML Strategy and the Priorities of the Joint Ministerial Conference on AML in 2009. Participants from 23 member agencies of the Joint Ministerial Conference on AML were present. Mr. ZHOU Xiaochuan, convener of the meeting and Governor of People’s Bank of China (PBC), addressed the meeting. Mr. SU Ning,Deputy Governor of the PBC, presided over the meeting and delivered a keynote report titled Improving Institution and Mechanism to Enhance the Effectiveness of China’s AML Work.
In his speech, ZHOU fully acknowledged the achievements made on AML in China since the establishment of the Joint Ministerial Conference Mechanism, and made four proposals to improve the current AML work: first, beef up strategic planning and establish an AML working institution and mechanism with Chinese characteristics; second, consolidate the institutional foundation and activelypromote the legislation and practices concerning AML, in order to foster afavorable legal environment and system compatible with international paradigms;third, optimize the operation mechanism of the AML work, establish and implement an accountability system, and fully capitalize on the advantages ofvarious agencies to set up a scientific and efficient institution and mechanism with Chinese characteristics; fourth, provide guidance and education program concerning AML. ZHOU emphasized that, for the time being, China is in a special economic period, which isan important stage for China to improve and develop its AML institution and mechanism. Given the magnitude and responsibilities of the AML task, all parties of the Joint Ministerial Conference Mechanism should bear in mind the big picture of AML work, beopen-minded and down to earth, so as to promote China’s economic prosperity and social harmony.
SU reviewed various aspects of the AML work in China in 2008, and pointed out that, in the next stage, the general principle and requirement for AML work isto take DENG Xiaoping theorem and Three Represents as the guideline, implement the scientific approach to development in an all-round manner, further improve relevant institution and working mechanism, focus onenhancing effectiveness of the AML work, explore ways to create an AML mechanism with Chinese characteristics, crack down on AML crimes and safeguard financial stability. Under the framework of the Joint Ministerial Conference on AML in 2009, efforts should be made to do a good job in the following four areas: first, continue to improve the system of laws and regulations on AML/CTF; second, strengthen communication and cooperation between member agencies and gradually establish an information sharing system between the PBC and other relevant agencies, in order to better coordinate policy making on AML regulations; third, reinforce intelligence analysis and put the role of fund monitoring into full play; fourth, conduct in-depth studies on money laundering risks. On the basis of summarizing successful experiences and practices in China, efforts should be made to study the risks and types of money laundering and conduct an overall assessment of national money laundering risks at an opportune time.
Representatives from various member agencies discussed the keynote report, the China’s AML Strategy and the Priorities of the Joint Ministerial Conference on AMLin 2009, and exchanged views on the development of AML/CTF work of their own agency.
