Finding the best method to assess the effectiveness of Anti-Money Laundering(AML)policies is a controversial issue. Based on about 9,000 questionnaires circulated to AML professionals and other related staff at the Pe...Finding the best method to assess the effectiveness of Anti-Money Laundering(AML)policies is a controversial issue. Based on about 9,000 questionnaires circulated to AML professionals and other related staff at the People's Bank of China and other banking institutions,this study acquired first-hand data from respondents and has resulted in the following key findings:The effectiveness of the whole AML system is rated as"largely effective"in respect to China’s legislation,regulation and supervision,suspicious transaction monitoring and analyses and administrative investigation;the system is rated as"basically effective"in respect to money-laundering prosecutions and convictions and international cooperation.Financial institutions'compliance with AML regulations is rated as"largely effective"in respect to internal control,customer identification,large-value transaction and suspicious transaction reporting,and the record-keeping of ID information and transactions.Statistically,58.48%of respondents said they think that China’s AML regime is"completely effective"or"largely effective;"35.21%say it is"basically effective,"and the remaining 4.68% call it"largely ineffective"or"completely ineffective."The authors conclude by proposing some policy recommendations to enhance the effectiveness of AML policy.展开更多
文摘Finding the best method to assess the effectiveness of Anti-Money Laundering(AML)policies is a controversial issue. Based on about 9,000 questionnaires circulated to AML professionals and other related staff at the People's Bank of China and other banking institutions,this study acquired first-hand data from respondents and has resulted in the following key findings:The effectiveness of the whole AML system is rated as"largely effective"in respect to China’s legislation,regulation and supervision,suspicious transaction monitoring and analyses and administrative investigation;the system is rated as"basically effective"in respect to money-laundering prosecutions and convictions and international cooperation.Financial institutions'compliance with AML regulations is rated as"largely effective"in respect to internal control,customer identification,large-value transaction and suspicious transaction reporting,and the record-keeping of ID information and transactions.Statistically,58.48%of respondents said they think that China’s AML regime is"completely effective"or"largely effective;"35.21%say it is"basically effective,"and the remaining 4.68% call it"largely ineffective"or"completely ineffective."The authors conclude by proposing some policy recommendations to enhance the effectiveness of AML policy.
