The Law of the People’s Republic of China on Anti-Money Laundering was endorsed on October 31, 2006 and will enter into effect as of January 1, 2007. The AML law establishes the anti-money laundering responsibilities of the People’s Bank of China as the competent authority under the State Council.

Two new regulations outlining the responsibilities of financial institutions on fighting against money laundering and on reporting major and suspicious transactions to the central bank have also been adopted and will take effect on January 1 and March 1 next year, respectively.
The central bank has established an Anti-Money Laundering Bureau and the China Anti-Money Laundering Monitoring and Analysis Center(CALMAC) in 2003. As of end 2005, all state-owned commercial banks, joint-stock commercial banks, city and rural commercial banks, postal savings and remittance institutions, 90 percent of all urban credit cooperatives and foreign banks, almost 50 percent of rural credit cooperatives have connected with the CALMAC electronic system and submit their report through the system. ( People’s Bank of China )

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