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Research on Communication and Coordination Mechanism of Societywide Anti-Money Laundering System

Author: JiaoYing
Tutor: GaoZengAn
School: Southwest Jiaotong University
Course: Administration
Keywords: Anti-money laundering system mechanism communication & coordination information sharing work cooperating
CLC: F832.2
Type: Master's thesis
Year: 2009
Downloads: 27
Quote: 1
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Abstract

In 2006, the Law of the People’s Republic of China on Anti-money Laundering indicates that the anti-money laundering work in China has entered into a new stage. By several years of construction, a multi-level anti-money laundering has been initially set up in China in accordance with international standards and based on national conditions and experiences from abroad, but generally speaking, China’s anti-money laundering is still in its infancy. The anti-money laundering work should be a systematic project within the whole society, thus the joint conference system should be expanded to more industries and units to establish a societywide anti-money laundering system, which should really play a role in preventing money laundering. By analysing current anti-money laundering status in China under the existing inter-ministerial joint conference system for anti-money laundering, researching the work modes of anti-money laundering in developed countries, making use of advanced experiences and combining our actual situations, this paper tries to put forward a framework for society-wide anti-money laundering system, striving to provide some useful comments and suggestions for the improvement of existing mechanisms.Such system will contain various agencies, including the functional departments related to the anti-money laundering work, such as judicial authorities, public security organs, financial sectors, financial supervision& management departments, diplomatic services. In the article, we believe that in order to make this system become a reasonable system with smooth operation, rapid response, clear responsibilities and definitive division of labour, it is basically required to create a high effective communication& coordination mechanism among these departments. The functions to be achieved for this mechanism mainly include two aspects:The first is to make the subject bearing anti-money laundering obligations obtain effective information accurately and fast. The accurate information is a guideline for the anti-money laundering departments to take correct actions, and the fast information transmission channel is an important guarantee for these departments to take fast actions. The second is to avoid and resolve conflicts between departments and coordinate actions of various departments. The rational responsibility distribution for anti-money laundering departments and a clear responsibility range of each department can avoid cross-function and buck-passing as well as establish effective coordination between departments, to improve the efficiency of anti-money laundering actions.In order to achieve the above two functions, this article created a information sharing mechanism and a work cooperating mechanism, both of which form the communication& coordination mechanism in the society-wide anti-money laundering system. This paper suggested the relevant policies for establishing the information sharing mechanism by putting forward four constitutional factors of this mechanism, including information sharing institutionalization, information sharing platforms, advanced information technologies and normative information standards, as well as by analyzing the main obstacles to information sharing in current anti-money laundering work in China. This paper also commended the relevant policies for building the work cooperating mechanism by putting forward the constitutional factors of this mechanism, including higher anti-money laundering awareness, uniform anti-money laundering goal, reasonable resource preparation, rational division of labor and matching incentive mechanism, as well as by analyzing the main obstacles to work cooperating in current anti-money laundering work.Finally, this paper analyzed a typical case, which assumed that if the mechanisms established in this paper are adopted, whether they can prevent or reduce the harms caused by this case, thus to prove the effectiveness of the mechanisms.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Banking system and business
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