Chinese lawmakers are considering revising an earlier anti-money laundering law to enhance capabilities to “monitor” and analyze money laundering risks through emerging financial technologies — including cryptocurrencies.
According to a translated statement from the South China Morning Post, Legislative Affairs Commission spokesperson Wang Xiang announced the revisions on Sept. 9—citing the need to improve detection methods amid the “rapid development of new technologies.”
The newly proposed legal provisions also call on the central bank and financial regulators to collaborate on guidelines to manage the risks posed by perceived money laundering threats from nascent technologies.
Wang noted that financial institutions would likewise be held accountable for assessing money laundering risks posed by novel business models arising from emerging tech.
Read more: cointelegraph.com
