China vows stronger steps against money laundering

China will continue to strengthen measures against money laundering and terrorist financing to solidify the legal foundation for international cooperation in the area, central bank governor Yi Gang has said.

China has been improving the national coordination mechanism of anti-money laundering and counterterrorist financing, and will include related tasks in the agenda of the financial stability and development committee under the State Council, Yi said in a video conference of the Financial Action Task Force (FATF).

China has started the process to amend its anti-money laundering law, Yi said.

The FATF is an intergovernmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the international financial system.

China's supervision of anti-money laundering operations has improved in recent years, covering almost all financial sectors including banking, securities, insurance, non-banking payment institutions and bank card clearing institutions.