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CHINA: New AML laws cover DNFBPs, provide for greater penalties but worryingly make international cooperation very complex and political

By Dan Byrne for AMLi

China has set out a revised roadmap towards tighter money laundering controls that include heavier fines and scrutiny over a greater number of institutions.

The new maximum values of potential penalties issued to rule-breakers would increase by as much as 300% in some cases and by 100% in others, according to a draft law published today.

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