With the continuous development of onshore financial markets and the ever-intensifying requirements globally for anti-money laundering ("AML"), it has become increasingly imperative for China to improve its AML legal and regulatory frameworks to give further play to the role of AML in building up the modern financial system and deepening the two-way opening-up of the financial industry. In 2021, the National People's Congress, the Ministry of Commerce, the People's Bank of China ("PBoC") and other legislative and regulatory bodies introduced a series of AML-related laws and regulations that have a significant impact on AML regulatory supervision. These laws and regulations aim to strengthen and improve China's AML frameworks and control measures from the perspectives of cross-border business, risk assessment, due diligence and so on.