China becomes full member of FATF on Money Laundering
On June 29, 2007, China was approved as a full member of the Financial Action Task Force on Money Laundering. This is definitely a sign of international confidence in China’s financial system.
China’s membership in this respectable organization that deals with fighting money laundering was approved in a plenary meeting of the Financial Action Task Force in Paris. For Chiha, the membership will facilitate the expansion of its cash-rich state banks overseas.
It is a fact that many banking regulators, including the US Federal Reserve, consider FATF’s endorsement of the money laundering efforts of a bank’s country to be a key measure of its safety and soundness to operate abroad.
Before being approved as a full member, China was an observer of the FATF since 2005.