China is set to enhance its ability to monitor new types of money laundering risks as emerging technologies have made detecting these activities more difficult, a senior legislator said on Monday.

Wang Xiang, an official with the Standing Committee of the National People's Congress, the top legislature, said at a news conference that a draft amendment to the Anti-Money Laundering Law aims to address the growing challenges posed by new technologies and sectors.

"The revision seeks to tackle the difficulties in detecting and addressing money laundering activities in an era where new technologies and emerging businesses are booming," Wang said.

The draft amendment requires government agencies to issue timely guidelines to monitor money laundering risks in emerging industries. It also mandates that anti-money laundering departments enhance monitoring and analysis systems, with suspicious transactions flagged for authorities.

Financial institutions will be required to assess money laundering crimes associated with new sectors and take proportionate measures to mitigate them, Wang added. He stressed, however, that actions should be "proportionate to the risks to ensure normal financial flows and services."

The amendment will also tighten regulations on the use of anti-money laundering information, with a focus on data security and privacy protection.

The NPC Standing Committee is set to review the draft during its session in Beijing this week.

China has increasingly prioritized efforts to combat money laundering, especially crimes facilitated through digital platforms. Data from the Supreme People's Court shows that 861 money laundering cases were concluded last year, up from 499 cases in 2021. In the first half of the year, 573 people were penalized for the crime.

Virtual currencies, livestreaming platforms and online game currencies have become new channels for money laundering, complicating efforts to detect and combat the crime, according to the court.

Separately, Wang addressed public concerns about the falsification of statistics, which he said has "seriously undermined the authenticity and accuracy of statistical data". He noted that a draft amendment to the Statistics Law will impose harsher penalties for fabricating or manipulating data.

In addition to these revisions, lawmakers will also review proposed changes to the National Defense Education Law, the Supervision Law and the Law on the Prevention and Control of Infectious Diseases.

Other items on the legislative agenda include a draft energy law, a draft public health emergency response law and a draft national park law. Lawmakers are also expected to consider a draft decision on conferring national medals and honorary titles to mark the 75th anniversary of the founding of the People's Republic of China.