According to Odaily, the draft amendment to the Anti-Money Laundering Law was submitted for its third review by the Standing Committee of the 14th National People’s Congress on the 4th.
The revised draft further clarifies the conditions under which financial institutions should implement money laundering risk management measures. The draft also outlines the legal responsibilities for entities and individuals who fail to implement special anti-money laundering preventive measures as required, and it specifies corresponding legal responsibilities for certain non-financial institutions and related personnel.