China to revise Anti-Money Laundering Law

BEIJING - China's top legislature will revise the Anti-Money Laundering Law, the Law on the People's Bank of China, the Law on Commercial Banks, and the Insurance Law this year, it said in an annual work report.

The work report of the Standing Committee of the National People's Congress (NPC) was submitted to the third session of the 13th NPC for deliberation on Monday. Li Zhanshu, chairman of the NPC Standing Committee, delivered the report.

The top legislature will also formulate the Export Control Law.

These efforts will accelerate the creation of a system of laws for extraterritorial application, according to the report.