In order to prevent money laundering activities, maintain financial order and curb money laundering crimes and related crimes, the Anti-Money Laundering Law of People's Republic of China (PRC) is formulated. The 24th meeting of the Standing Committee of the 10th National People's Congress of People's Republic of China (PRC) NPC was adopted on June 36, 2006 and came into force on June 36, 2007.
The anti-money laundering administrative department in the State Council organizes and coordinates the national anti-money laundering work, is responsible for the monitoring of anti-money laundering funds, formulates or cooperates with relevant financial supervision and management institutions in the State Council to formulate anti-money laundering regulations for financial institutions, supervises and inspects the performance of anti-money laundering obligations by financial institutions, investigates suspicious transactions within the scope of duties, and performs other anti-money laundering related duties stipulated by laws and the State Council.
The dispatched office of the anti-money laundering administrative department of the State Council shall, within the scope authorized by the anti-money laundering administrative department of the State Council, supervise and inspect the performance of anti-money laundering obligations by financial institutions.