On 21 May 2008, China Futures Association (CFA) released the Guidelines for Anti-money Laundering Work by Members of the China Futures Association (the “Guidelines”). Members are required to establish an effective internal control system to combat money laundering in order to protect the reputation of the futures sector.
The Guidelines require members to establish a special institution or designate their own internal departments to be in charge of anti-money laundering initiatives. The person-in-charge should be responsible for the effective implementation of internal control systems to combat money laundering.
Members are also required to prepare a written account of their respective internal control systems for combating money-laundering and to stipulate clearly the operational rules within such systems. Members should have regular internal evaluations to assess the effectiveness of the internal control systems. For more information, please refer to http://www.cfachina.org/workdoc/fxq.doc.