China, People's Republic of: Strengthening the Legal Framework for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

Sovereign Project | 43554-012 Status: Closed

Summary

The S PATA will provide technical advice to the authorities in the People's Republic of China in the formulation of proposals for a suitable law and procedures for meeting international standards for anti-money laundering and combating the financing of terrorism.

Latest Project Documents

None currently available.


Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

The Public Communications Policy (PCP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.

The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.

In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.

 
Project Name Strengthening the Legal Framework for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
Project Number 43554-012
Country China, People's Republic of
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 7454-PRC: Strengthening the Legal Framework for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
Technical Assistance Special Fund US$ 200,000.00
Strategic Agendas Inclusive economic growth
Drivers of Change Knowledge solutions
Sector / Subsector

Public sector management - Law and judiciary

Gender Equity and Mainstreaming
Description The S PATA will provide technical advice to the authorities in the People's Republic of China in the formulation of proposals for a suitable law and procedures for meeting international standards for anti-money laundering and combating the financing of terrorism.
Project Rationale and Linkage to Country/Regional Strategy
Impact The impact of the S PATA is a more effective legal framework for AML CFT in the PRC that meets international standards.

Project Outcome

Description of Outcome The outcome is two fold. First, the authorities will be able to prosecute persons who launder in the PRC proceeds of criminal activities committed outside the PRC. Second, the authorities will have a legal framework that meets the financial sanction requirements of the UN Security Council resolutions.
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

Output 1: Proposal for revision to the criminal law, or adoption of judicial interpretation, to enable prosecution of self-laundering offence.

Output 2: Proposal for enactment of law and procedure for implementation of financial sanctions in accordance with the UN Security Council resolutions.

Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location

Summary of Environmental and Social Aspects

Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation

Business Opportunities

Consulting Services International and national consultants will work with authorities to prepare reports.

Responsible Staff

Responsible ADB Officer Cheong Ann Png
Responsible ADB Department Office of the General Counsel
Responsible ADB Division Office of the General Counsel
Executing Agencies
People's Bank of China
32 Cheng Fang Street
West District, Beijing, 100800
People's Republic of China

Timetable

Concept Clearance 10 Mar 2009
Fact Finding 25 Nov 2009 to 26 Nov 2009
MRM -
Approval -
Last Review Mission -
PDS Creation Date 12 Jan 2010
Last PDS Update 12 Jan 2010

TA 7454-PRC

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
16 Dec 2009 - 16 Dec 2009 30 Jun 2011 31 Jan 2012 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
200,000.00 0.00 20,000.00 0.00 0.00 0.00 220,000.00 16 Dec 2009 123,585.20

None currently available.

Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.

Evaluation Documents See also: Independent Evaluation

None currently available.

Related Publications

None currently available.


The Public Communications Policy (PCP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

Requests for information may also be directed to the InfoUnit.