As China prepares for a major global review of its anti-money laundering (AML) system, leaders from government , finance , law, civil society, and academia came together to explore exactly that question, and how cutting illicit financial flows can disrupt serious crimes, including wildlife trafficking.
These exchanges took place during the 15th China Anti-Money Laundering Summit Forum in Shenzhen on 27 November, followed by a legal symposium at Peking University Law School in Beijing on 28 November. TRAFFIC served as a key supporting organisation across both events.
Over 180 participants examined how China’s AML system can deliver stronger real-world impact, recognising that stopping illegal financial flows requires more than rules on paper: it requires identifying risks, sharing intelligence, and acting decisively.
A central theme was the growing importance of following illicit financial flows to protect financial security and tackle emerging risks, such as virtual currencies and cross-border transactions.
Participants also discussed how new technologies, including artificial intelligence, can support this work while safeguarding data and privacy, alongside the need for closer cooperation and clearer legal tools.
Crucially, the discussions further underlined how cutting off financial flows can weaken crimes such as illegal wildlife trade at their source.
The key to dismantling wildlife trafficking networks lies in disrupting their financial flows. By enabling financial institutions to proactively flag suspicious transactions and ensuring robust information-sharing channels, we can create a web of collaborative vigilance that makes it increasingly difficult for such crimes to operate with impunity.”
said Ling XU, Director of TRAFFIC China.
The need for clear national direction and international engagement was another strong theme, particularly as China prepares for the fifth global review of its AML system by the Financial Action Task Force (FATF) — the international body that assesses how well countries prevent criminals from misusing financial systems.
China’s approach to tackling money laundering is shifting from simply following rules to actively identifying risks. As new issues such as virtual currencies emerge, all stakeholders need to work together, share knowledge and prepare collectively for the FATF’s fifth global review of China’s system”,
said Professor Wang Xin of Peking University Law School.
Participants emphasised that sustained dialogue will be critical as financial crime continues to evolve.
“This summit should continue and focus on practical, high-quality discussions, as it plays an important role in strengthening cooperation and improving the effectiveness of anti-money laundering work,”
said Professor Yan Lixin, Executive Director of the China Centre for Anti-Money Laundering at Fudan University.
Looking ahead, participants agreed that long-term impact will depend on closer collaboration and continued dialogue between government, finance, law enforcement and academia, supported by clear laws and responsible use of technology.
TRAFFIC reaffirmed its commitment to supporting these efforts by addressing the financial drivers of wildlife crime and promoting collaboration that protects financial systems, communities and biodiversity.
As financial crime grows more complex and transnational, China’s focus on cutting illicit financial flows highlights the critical role of financial systems in tackling global threats, from organised crime to wildlife trafficking.
