On November 8, at the 12th Session of the Standing Committee of the 14th National People's Congress (NPC), Chinese lawmakers deliberated and passed six laws, including the Anti-Money Laundering Law of the People's Republic of China (Revised in 2024) (the "Anti-Money Laundering Law"), the Preschool Education Law of the People's Republic of China, the Law of the People's Republic of China on the Protection of Cultural Relics (Revised in 2024), the Mineral Resources Law of the People's Republic of China (Revised in 2024), the Energy Law of the People's Republic of China, and the Decision on Amending the Law on Supervision by the Standing Committees of the People's Congresses at All Levels. The Anti-Money Laundering Law will take effect on January 1, 2025.

The Anti-Money Laundering Law consists of seven chapters and 65 articles, covering general provisions, anti-money laundering (AML) supervision and regulation, AML obligations, AML investigations, international cooperation on AML, legal liability, and supplementary provisions. This law refines and supplements relevant systems, focusing on clarifying the scope of its application. It adheres to the overall national security outlook, which, in this context, emphasizes the prevention of money laundering activities that could threaten China's economic stability or national interests. The law seeks to balance development and security to safeguard national interests and the legitimate rights and interests of Chinese citizens and legal persons. The law states that AML efforts shall be carried out in accordance with the law, ensuring that the measures taken are proportionate to the money laundering risks, safeguarding normal financial services and fund flows, while protecting the legitimate rights and interests of entities and individuals.

(Source: www.npc.gov.cn)