Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Beijing, January 16 (Xinhua) — Chinese authorities have issued a policy regulating special anti-money laundering precautions and prohibiting any organization or individual from arbitrarily revoking these measures, the People's Bank of China (PBOC) announced on Friday.
The directive, jointly issued by the People's Bank of China and seven other departments, aims to prevent money laundering, terrorist financing, and the proliferation of weapons of mass destruction, and to standardize special preventive measures against money laundering.
The document provides that all organizations and individuals must, in accordance with the law, implement special precautions to combat money laundering in relation to entities listed in special categories, including terrorist organizations and individuals identified by the State Leading Group for Anti-Terrorism Work and announced by its office.
These special categories also include organizations and individuals subject to targeted financial sanctions and included in the notifications of the Ministry of Foreign Affairs of the People's Republic of China on the implementation of UN Security Council resolutions, as well as organizations and individuals determined by the PBC, independently or jointly with other relevant government agencies, that are characterized by a significant risk of money laundering and for whom failure to apply measures may entail serious consequences.
According to the Directive, special precautions against money laundering include the immediate cessation of the provision of financial services, funds or assets to the above-mentioned entities and their agents, entities and persons under their direction, as well as entities directly or indirectly controlled by them, and the immediate restriction of the transfer of the relevant funds and assets.
The adopted document also calls on financial institutions to create and improve internal control systems for special preventive measures against money laundering, and to identify and assess the relevant risks. –0–
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