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China to expand scope of legislation targeting money laundering, terrorism financing- PBOC

FILE PHOTO: The Chinese national flag flies at half-mast at the headquarters of the People's Bank of China, the central bank (PBOC), as China holds a national mourning for those who died of the coronavirus disease (COVID-19), on the Qingming tomb-sweeping festival in Beijing, China April 4, 2020. REUTERS/Carlos Garcia Rawlins

BEIJING (Reuters) -China’s central bank said on Wednesday it will put non-bank payment institutions, internet micro-lenders and consumer finance companies under the scope of anti-money laundering and anti-terrorism financing supervision.

The move is in part a response to shortcomings pointed out in 2019 by the Financial Action Task Force, an intergovernmental body to combat money laundering, the People’s Bank of China said in a statement.

“In recent years... international anti-money laundering requirements have become stricter,” it added.

“The pressure on anti-money laundering supervision in various countries has increased.”

Reporting by Gabriel Crossley and Cheng Leng; Editing by Andrew Heavens

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