China has made progress in fighting money laundering, but still has a lot to do, The Financial Action Task Force (FATF), an international anti-corruption body, said on Monday.
"China has made significant progress implementing its anti-money laundering (AML) system. At the same time, it notes that there are still serious deficiencies and very few convictions for money laundering," the FATF said in a report on China's anti-money laundering measures.
Among shortcomings highlighted in the report were that fighting terrorism is not a criminal offence in China, and that lawyers, dealers in precious stones and real estate are not covered under anti-money-laundering laws. It also said China does not have mechanisms to prevent business dealings with countries lacking anti-money laundering standards. The 33-member FATF is an inter-governmental body that aims to develop and promote policies to counter money-laundering and terrorist financing.