ABSTRACT
In China, the act of money laundering was first stipulated as a crime in the Decision on the Prohibition of Narcotic Drugs, enacted by the Standing Committee of the National People's Congress (NPC) in 1990. Anti-money laundering law establishes the duties of the financial institutions and special non-financial institutions. Article 3 states that financial institutions established within the territory of PRC and special non-financial institutions are required to comply with anti-money laundering obligations. The China Banking Regulatory Commission (CBRC), China Securities Regulatory Commission (CSRC) and China Insurance Regulatory Commission (CIRC) shall, according to their respective functions, exercise their duties of anti-money laundering supervision and administration. After the promulgation of the Anti-Money Laundering Law, the People's Bank of China alone or along with Ministry of Public Security or other ministries has made many departmental rules, which form a practical framework of anti-money laundering in China.
