An interesting paper here which reviews the state of Chinese Anti Money Laundering (AML) efforts. Generally the author finds there has been a considerable progress made but still a long way to go.
The Chinese Financial System is a very strange beast. Whenever I supervise any Chinese students in their dissertation or ask them to express normal financial terms, frameworks, principles, theories and structures with respect to China, it always surprises me to listen to how the Party gets involved all the time in almost every angle and structure.
Given the huge issues around corruption in China, I would rate the anti money laundering situation within China as dreadful, far too little. After all, given the huge amount of state control over the economy, if they implement a transparent AML system with teeth, a huge amount of party functionaries will either be behind bars or will have an unfortunate government sponsored accident relating to their lives.
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