Dissertation > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Banking system and business

Banking Anti-Money Laundering Legal Issues

Author ChenZuoZhi
Tutor HouFang
School Shanghai Academy of Social Sciences
Course International Law
Keywords Banking Money Laundering Anti-Money Laundering
CLC F832.2
Type Master's thesis
Year 2009
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Money laundering is a seriously social problem; it not only undermines the fair and equitable economic activities and the market economy principle of orderly competition, but also damages the reputation of financial institutions and the normal, the threat of financial system security and stability. International experience shows that financial institutions are bound to use the crime of money laundering department, and the vast majority of money-laundering and criminal use of banking financial institutions are to be completed, the state launched the first anti-money-laundering to combat anti-money laundering work to strengthen the banking sector. According to the International Monetary Fund estimates that every year the number of money-laundering as much as 200 billion Yuan to 3,000 Yuan, equivalent to China’s economy in general about 2% of the total. With China’s accession to the WTO, China’s banking industry as soon as possible into the history of financial globalization has become an inevitable trend, but the money can not be optimistic about the status quo, has seriously affected China’s financial security and international reputation. Many scholars have been concerned about the domestic anti-money laundering legislative research, but most focus on money-laundering crime to examine criminal legislation, even if the rules of the existence of preventive visits were also stopped in 2006 "Anti-Money Laundering Law" promulgated. Therefore, this article focuses on the banking system to prevent money laundering in the international anti-money-laundering and research experience based on the combination of the actual situation of China’s Anti-Money Laundering Banking on China’s anti-money laundering legal system, the banking industry made a number of recommendations to improve with a view to anti-money laundering China’s banking industry must work to provide help.This paper is divided into four parts.The first part of the concept of money-laundering, the way the new characteristics of hazards and analysis of banking institutions is necessary to channel money-laundering, the banking industry is the core of anti-money-laundering aspects of the conclusions, and analysis of money laundering and anti-money-laundering activities on the basis of the status quo that in our country made great efforts to combat and prevent the use of the banking system for money laundering and the urgency of the need. The second part of analysis and study the mechanisms of international cooperation in anti-money-laundering. This part of the most important point is the analysis of international developments and grasps the anti-money-laundering on the basis of summing up and made use of the banking system to prevent the common principles of money-laundering. Includes both general principles in the formation of the International Convention on the rules of international law, but also includes the effective use of the banking system to control money-laundering measures necessary, the minimum international standards and guide to action, anti-money-laundering as an international community of practice and experience, on China’s Banking Anti-Money Laundering work with a strong guide and reference.The third section describes the major countries of Europe and the United States Anti-Money Laundering Banking and its revelation mechanism. U.S. Government emphasized the anti-money laundering banking supervision, as the world’s first countries to establish anti-money laundering regime, and its relatively sound anti-money laundering system, mainly to heavy penalties. Swiss anti-money laundering system, the characteristics of the banking sector is, or the content from the source to a large extent dependent on the private sector, the money-laundering system of self-regulation by financial institutions and the Government to legislate for the common rules of composition. UK anti-money laundering system in the banking industry from the United States and Switzerland at the same time anti-money laundering system, but also in connection with national circumstances and gradually formed a suitable to their own anti-money-laundering model the actual situation, the appropriate regulation and balanced development of the concept of anti-money laundering regulation. The major countries of Europe and the United States from the Anti-Money Laundering Banking comparative analysis of the legal system can be seen, China’s banking sector in the establishment of their own anti-money laundering system handle at least four pairs of relations: the Government and the self-discipline and repressive system and preventive system, objective methods and subjective methods, rule-based and risk-based approach.The last part analyzes the current status of China’s banking industry anti-money-laundering, and in light of actual conditions on the basis of learning from international experience, put forward a sound proposal. China’s anti-money laundering system that is manifested in the crime of criminal law provisions against money-laundering, but also the system of administrative law for the specific anti-money laundering norms. 2006, to combat money-laundering crime is the focus of a criminal, "the Anti-Money Laundering Law" shows that China passed the anti-money laundering legislation has been successfully completed from simple to place more emphasis on the combat and prevention of both changes. But China’s anti-money laundering legislative and regulatory practice step by step at the same time, there are some problems and can not adapt to China’s fight against money-laundering predicate offenses and the objective requirements of membership in international organizations to fulfill the obligations required. For these deficiencies, this article from the following six aspects of China’s banking industry to improve the proposed anti-money laundering system, including the expansion of the scope of money laundering and improve the "Anti-Money Laundering Law" building regulations to achieve compliance to regulatory changes in the regulatory risks, and improve anti-money-laundering off-site monitoring mechanism, the establishment of a sound anti-money-laundering incentives to increase international cooperation.

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