The Chinese Communist Party (CCP) on June 9 launched a nationwide campaign to prevent cross-border money laundering using virtual currencies (cryptocurrencies). This is the fifth time for such action and part of the CCP’s recent efforts to prevent capital flight and guard against financial risks.
The People’s Bank of China (PBoC), China’s central bank, said on June 1 that revisions to the Anti-Money Laundering Act were included in the legislative work plan of the Standing Committee of the National People’s Congress, and that it is soliciting public opinion before June 30. The statement stressed that revisions to the act are an inevitable requirement for preventing and controlling financial risks for China’s economy.
