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Zhengwei Yang

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Zhengwei Yang is a Counsel in Baker McKenzie Shanghai office.

The Supervisors Law of the People’s Republic of China was recently promulgated by the Standing Committee of the National People’s Congress on 20 August 2021. Together with other legislation and enforcement activities, the Supervisors Law aims to strengthen President Xi’s anti-corruption campaign and is scheduled to take effect on 1 January 2022.

The Measures for the Supervision and Administration of Anti-Money Laundering and Counter-Terrorist Financing of Financial Institutions recently promulgated by the People’s Bank of China came into effect on 1 August 2021. Among other things, the Measures expand the scope of applicable entities, provide specific details of internal control and risk management requirements and increase PBOC’s supervision and administration powers. The new Measures are a significant development, demonstrating China’s efforts to improve and enhance its anti-money laundering and counter-terrorist financing regime.