Introduction: Anti-money laundering legislation is the most rapidly developing area of international law in the last 20 years. It is precisely because of the great attention and vigorous promotion of the international community that anti-money laundering legislation has become one of the more active areas of domestic law in many countries. It is generally believed that China's anti-money laundering legislation started from the Decision on Drug Control of the Standing Committee of the National People's Congress in 1990. In the following ten years, China's anti-money laundering legislation has made rapid progress, and the anti-money laundering legal system has emerged. China's anti-money laundering work has also made great progress, and the anti-money laundering working mechanism has been initially established. However, for a long time, there is no basic law on anti-money laundering in our country. In accordance with the needs of anti-money laundering work in China, the 24th meeting of the 10th National People's Congress Standing Committee deliberated and passed the Anti-Money Laundering Law of the People's Republic of China (hereinafter referred to as the Anti-Money Laundering Law) on October 31, 2006.

The adoption and implementation of the Anti-Money Laundering Law is of great significance. First of all, it makes our country's anti-money laundering work really have a legal basis, so that our country's anti-money laundering legal construction has made great progress; Secondly, due to the protection of the basic anti-money laundering laws, China actively carries out international cooperation against money laundering, and strongly promotes the work of China to join the Financial Action Task Force (FATF). Third, China has actively improved the coordination mechanism of anti-money laundering work, and realized the unified management of anti-money laundering in domestic and foreign currencies; Finally, the anti-money laundering work of banking financial institutions has been significantly strengthened, effectively improving the ability to comply with the operation and prevent money laundering risks.

With the deepening of the anti-money laundering struggle in the international community, China has made great progress in combating and preventing money laundering crimes in recent years. However, as the crime of money laundering is a new crime in China's legal system, there are still some gaps between China and the international anti-money laundering legislation, especially the EU anti-money laundering legislation, in terms of system design, whether it is criminal legislation, economic law or administrative preventive measures.

First, specific provisions for specific non-financial institutions to fulfill anti-money laundering obligations

According to the general provisions of the Anti-Money Laundering Law, the subject of anti-money laundering obligations is the financial institution established in the territory of the People's Republic of China and the specific non-financial institution that should fulfill the anti-money laundering obligations in accordance with the provisions, which is a principled provision on the performance of anti-money laundering obligations by specific non-financial institutions. Article 35 of the seventh chapter adds: "The scope of specific financial institutions that should perform anti-money laundering obligations, their performance of anti-money laundering obligations and the measures for their supervision and administration shall be formulated by the anti-money laundering administrative department of The State Council in conjunction with relevant departments of The State Council." These provisions are beyond reproach and are the product of the specific conditions existing in our country at this stage. However, the international anti-money laundering legislation tends to expand the obligation subject of anti-money laundering law to financial institutions and non-financial institutions that should fulfill anti-money laundering obligations according to the law.

Therefore, Hillhouse believes that with the increase of practical experience on how to prevent and monitor money laundering activities of specific non-financial institutions in China and the need to strengthen anti-money laundering cooperation, specific provisions should be made for specific non-financial institutions to fulfill anti-money laundering obligations in the form of amendments to the Anti-Money Laundering Law. The anti-money laundering administrative department of The State Council is a department directly under The State Council, and the anti-money laundering administrative department of The State Council together with the relevant departments of The State Council can only formulate departmental rules, which cannot meet the requirements of combating the increasingly rampant money laundering crimes in our country.

2. Delete the detection of economic contacts of public officials

Article 30, 31 and 32 of the Anti-Money Laundering Law specifically provide that public officials who meet certain conditions should focus on identification and monitoring of accounts and fund transactions. As Yu Guangyuan, director of the legislative Affairs Department of the Budget Commission of the Standing Committee of the National People's Congress, put it, "this will undoubtedly help strengthen anti-corruption work."

However, Hillhouse believes that the Administrative Supervision Law has stipulated that the administrative supervision organ can query its deposits in financial institutions according to law when investigating the suspected acts of corruption, bribery and other violations of administrative discipline of state public officials; The Criminal Procedure Law has also stipulated that the investigation organs may inquire about the deposits and remittances of criminal suspects according to the needs of the investigation of crimes.

Therefore, it is not necessary to provide for this article in the Anti-Money Laundering Act. At the same time, it is not appropriate to add provisions in the Anti-Money Laundering Law to monitor the funds transactions of persons under investigation, involving the respondents themselves and all units and personnel with whom they have funds transactions, and the scope is quite broad. Therefore, this provision should be deleted, of course, in the practice of anti-money laundering, it should be improved according to the problems existing in China's anti-money laundering, in order to better adapt to the requirements of international anti-money laundering development.

Third, it is necessary to stipulate the freezing time of domestic and overseas illegal funds respectively

According to the Anti-Money Laundering Law, "the temporary freeze shall not exceed 48 hours." If a financial institution fails to receive a notice from the investigation organ to continue the freeze within 48 hours after taking temporary freezing measures in accordance with the requirements of the administrative department of anti-money laundering under The State Council, it shall immediately lift the freeze." Indeed, the frozen funds have a big impact on customers. If it is necessary to take immediate freezing measures to prevent the transfer of illegal funds abroad, it is possible for the anti-money laundering administrative department to make a temporary freezing decision, but the freezing time should be strictly limited.

Hillhouse believes that the temporary freeze of domestic illegal funds shall not exceed 48 hours is feasible, but for overseas illegal funds, the temporary freeze time is within 48 hours, which is a little short, which is not conducive to protecting the interests of customers. Therefore, Hillhouse believes that specific problems should be analyzed concretely and cannot be generalized.

(4) It is necessary to stipulate the crime of negligent money laundering

Article 2 of the Anti-Money Laundering Law stipulates that the subjective aspect of the crime of money laundering is generally only intentional, but negligent money laundering also exists. In order to cover as broad a range of money laundering activities as possible and to reduce the difficulty of proving evidence by judicial organs, we can learn from the practice of international anti-money laundering legislation and stipulate the crime of negligent money laundering. Only in this way can the increasingly rampant money laundering be effectively combated.

To sum up, the promulgation and implementation of the Anti-Money Laundering Law is very innovative; However, compared with the international anti-money laundering legislation, there are still many deficiencies. Of course, there are still many problems, such as how to protect customers' privacy and customers' financial secrets while curbing the increasingly rampant anti-money laundering in our country, which need to be developed and improved in the fight against anti-money laundering.