Instead, she advocates for simplifying the multiple goals of the AML. Xiaoye Wang, one of the pioneers of Chinese AML, argues that, since well-functioning competition mechanisms naturally enhance firms' ability to innovate, adding the purpose of ‘encouraging innovation’ may not have much impact on enforcement. Debates have arisen over this incorporation. The AML Amendment 2022 attaches importance to encouraging innovation and enhances the fundamental role of competitionĪrticle 1 of the AML Amendment 2022 includes ‘encouraging innovation’ as an additional legislative purpose.
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