The initiative stems from proposals put forth by the China Anti-Money Laundering Research Center at Fudan University in Shanghai, which aims to close regulatory gaps and improve efforts in combating money laundering involving virtual assets.
A report from the South China Morning Post reveals that the draft amendments to the AML law have already received approval from relevant committees under the State Council and are set to be submitted for further approval to the National People’s Congress (NPC).
The Supreme People’s Procuratorate, having previously given its approval, has shown interest in and preparedness to strengthen efforts in suppressing money laundering offenses involving digital assets, particularly in relation to fund transfers abroad.
The details of the upcoming legislative amendments are not yet publicly disclosed until they receive final approval.
In a separate incident in early February, authorities in the city of Chifeng, located in China’s Inner Mongolia province, uncovered a case involving a cryptocurrency pyramid scheme with a total investment of $280 million.