Tag: finance

CHINA | What You Should now about Anti-Money Laundering in China

The International Monetary Fund estimates the total amount of laundered money to be 2-5% of the global GDP in one year. Money laundering refers to transforming illegal money generated from criminal activity(such as drug trafficking, extortion, illegal arms sales, insider trading, fraud and so) into legitimate money. Such illegal actions are considered in most jurisdictions…

Read more

Companies are required to utilise company collection payment codes from 1 March 2022

What you should know The Notice on Strengthening the Management of Payment Acceptance Terminals and Related Business No. 259 (“Notice 259”) issued by the People’s Bank of China on October 13, 2021, and effective from 1 March 2022, is the first legislation to regulate quick response (“QR”) code payments. Notice 259 requires QR code payments to…

Read more