Chinese Banks: Failure in meeting FATF Standards
Chinese banks are an integral part of Beijing’s strategy for global outreachthrough Belt and Road initiative and other investments across the globe forbuilding infrastructure. China had four banks among the top 10 banks(asset wise) in 2020, namely the Industrial and Commercial Bank of China(ICBC), China Construction Bank, Agricultural Bank of China (ABC) andBank of China. Apart from these, some other Chinese banks also figured inthe top 50 banks of the world, namely the Postal Savings Bank of China,China Merchant Bank, China Minsheng Bank, Shanghai PudongDevelopment Bank, China CTIC Bank and China Everbright Bank.Notwithstanding dominance of Chinese banks in the global banking listing,they are failing to comply with the regulations of host countries as well asthe Financial Action Task For...