Lawmakers in China are considering changing a previous law aimed at combating money laundering in order to effectively “monitor” and analyze the potential for money laundering through new financial technologies, including cryptocurrencies.
Wang Xiang, spokesperson for the Legislative Affairs Commission, announced the potential revisions on September 9, citing the need to keep pace with the rapid development of these technologies.
The proposed changes would also require collaboration between the central bank and financial regulators to establish guidelines for managing the perceived risks of money laundering from emerging technologies.
Financial institutions would also be responsible for assessing money laundering risks from new business models utilizing these technologies.
