Chinese regulators are reviewing amendments to anti-money laundering (AML) laws to enhance their ability to monitor and analyze money laundering risks associated with emerging financial technologies, including cryptocurrencies. Wang Xiang, spokesperson for the Legislative Affairs Commission, stated that these amendments are necessary to improve detection methods amidst the rapid development of new technologies. The new regulations call for cooperation between the Central Bank and financial regulators to manage risks posed by money laundering threats from emerging technologies. China’s Supreme Court has also declared that digital assets present potential avenues for money laundering and tax evasion. These measures are part of China’s stringent policies against digital assets, which have included the closure of cryptocurrency exchanges and a ban on crypto-related activities since 2017.
Source: cointelegraph.com
