On November 1st 2017, Mr. LIU Xiangwen (Kevin),partner of Zhong Lun Law Firm was invited to the Thomson Reuters 1st National Financial Risk, RegTech and Compliance Summit, participated in the round-table meeting and shared some opinions on the change and influence of Chinese institution of anti-money laundering.
The summit was hosted by Thomson Reuters, and the guests and speakers are risk control managers, compliance officials , internal auditors,lawyers and accountants from different financing institutions, regulatory agencies and certain professional firms. They gave speeches and discussed the issues under the topics of “ Regulation and Culture”, “How is RegTech Driving Compliance and Innovation”, “Ethics and Compliance”, and “Identifying and Prevention of Financial Crime Risks”, in order to provide the latest analysis and viability solutions on compliance risks to the audiences.
Mr. LIU Xiangwen (Kevin) analyzed the new change and influence of Chinese institution of anti-money laundering, and shared his opinions on the tendency of the developing of Chinese regulation of anti-money laundering.
Mr. Liu pointed out that , in 2017, the State Council and some departments thereunder, established and amended many regulatory rules on anti-money laundering either independently or cooperatively, including the “Announcement on Promulgation of the Administrative Measures on Due Diligence Checks on Tax-related Information of Non-residents’ Financial Accounts”, the “Administrative Measures on Reporting of Large Amount Transactions and Suspicious Transactions by Financial Institutions”, “Opinions of the General Office of the State Council on Improving Anti-Money Laundering, Anti-Terrorism Financing and Anti-Tax Evasion Regulatory Systems and Mechanisms”, etc. Chinese government is now paying more attention both on the coordination with the international standards for legislation and the international cooperation in the enforcement of the rules. That is reflected by the fact that the newly established rules implemented the KYC and CTF policies advocated by FATF. Mr. Liu also thought that the Chinese government’s regulation on anti-money laundering would be more stringent in the future from certain perspectives, such as, the scope of upstream crimes for money laundering crime would be expanded, more industries or fields would be checked by the regulatory agencies, and the financial institutions would be imposed more clients reviewing obligations.
Mr. Liu’s analysis and opinions were consented by other panelists in the round-table meeting, and highly spoken of by the audiences.
Zhong Lun Law Firm has an outstanding team of lawyers in the compliance and regulatory practice field, including 22 partners (17 in domestic offices and 5 in overseas offices) and over 100 professionals consisting of former prosecutors, former judges, former government officials (including public security, Administration of Industry and Commerce (AIC), National Development and Reform Commission (NDRC), customs, Quality supervision and Inspection and Quarantine，State Administration of Foreign Exchange (SAFE), environmental protection, tax, anti-trust, etc.), as well as attorneys, admitted in China and other jurisdictions, and former compliance officers of major Chinese and international corporations. By providing comprehensive services, which are tailored to clients’ needs, and by handling numerous high-profile cases initiated by both domestic and foreign authorities, Zhong Lun has established its position as a pioneer in this practice area. Zhong Lun was awarded as the top law firm of the year (on compliance/regulatory practice) in 2016 by independent ranking agencies including China Business Law Journal, China Law & Practice, Asialaw Profiles, etc.