Money laundering laws and regulations: China and Hong Kong

Abstract

Purpose To examine the criminal laws and regulations on money laundering control in China and Hong Kong and to call for legal and institutional reforms in China. Design/methodology/approach This paper provides a comparative analysis and critically reviews the laws and regulations on money laundering control in China and Hong Kong. Findings China has shown a firm determination to combat money laundering since 2002. Reforms on Article 191 of the Criminal Law of the People's Republic of China (1997) and the institutional framework are called for to comply with the international standards of the FATF recommendations, the UN Convention against Transnational Organized Crime (2000) and the UN Convention against Corruption (2003) to control money laundering. Practical implications This paper highlights the problems and proposes both legal and institutional reforms on money laundering control in China. Originality/value This paper initiates the analytical research on the legal and institutional problems of money laundering control in China which had not been adequately explored.