New PRC Legislation against Money Laundering
November 30, 2006 | BY
clpstaff &clp articlesHow will the new PRC Anti-money Laundering Law limit or promote the business scope of financial institutions and foreign-invested enterprises?
Money laundering has long been a problem in China. To counter this illegal activity, the Chinese government has introduced the PRC Anti-money Laundering Law, a landmark legislation in the history of China's judicial system. How will this new law limit or promote the business scope of financial institutions and foreign-invested enterprises?
By Tang Zhengyu, Wu Min and Karlo Dizon, Sidley Austin, Shanghai
The recently-promulgated PRC Anti-money Laundering Law (中华人民共和国反洗钱法) (new Law) outlines new, specific provisions to prevent money laundering in China's financial market. The Law, which will become effective on January 1 2007, shows the Chinese government's efforts to combat money laundering and contains significant implications for multinational corporations doing business in or with China. The new Law will have a profound influence on how companies navigate the Chinese market.
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