China will strengthen measures against money laundering, terrorism financing and tax evasion, as the country’s major part of building a modern financing regulation system and safeguarding stability, according to a circular released by the State Council General Office.

The circular stated that an improved law and regulation system and a coordinated regulation mechanism should be set up by 2020, to effectively prevent and control unlawful actions.

According to the circular, China will improve the trans-ministerial meeting on anti-money laundering, establish a national risk assessment system on money laundering and terrorism financing, and set up a panel for regular assessment.

In addition, the nation will optimize the cooperation in combating money laundering, enhance interdepartmental cooperation, and improve related investigation approaches and technologies, and supervision.

The circular also encouraged exploring standards for data sharing on anti-money laundering, terrorism financing and tax evasion, and setting up databases with all parties involved under the rule of law.

Criminal legislation should be improved, and the resolutions on anti-terrorism financing passed by the UN Security Council should be enforced, the circular said.

The circular urged efforts to improve monitoring on irregular cross-border capital transfers, in order to prevent and combat financial crimes.

In addition, China will launch a special operation nationwide to crack down on tax evasion and punish offenders, including but not limited to enterprises and staff members breaking the law.

The circular also stressed combined efforts between anti-laundering authorities and customs, to prevent customs duty evasion.