US and Chinese financial intelligence units sign MoU to facilitate information sharing

The US Treasury’s Financial Crimes Enforcement Network (FinCEN) and the China Anti-Money Laundering Monitoring and Analysis Centre (CAMLMAC) have entered into a Memorandum of Understanding (MoU) that will result in additional levels of co-operation between the two financial intelligence units (FIUs).

The MoU specifically focuses on enhanced co-operation on money laundering and terrorist financing.

Trade-based crime

Signed in December, only limited information regarding the MoU has been made available to the public, but it is likely to contemplate trade-based financial crime.

The brief release from FinCEN states that the MoU will, “provide a mechanism for sharing information on money laundering and the financing of terrorism in order to prevent illicit actors from abusing either country’s financial systems.”

FinCEN’s announcement also notes that the information exchanged will be used only in an authorised and confidential manner.

International collaboration

An announcement made by CAMLMAC says the MoU covers, among other things, the collection and analysis of financial information related to money laundering, terrorist financing, and related crimes on a reciprocal basis, as well as mutual assistance.

The MoU is one of an increasing number of agreements struck between domestic regulatory bodies in a drive to minimise the impact of financial crime.

CAMLMAC has signed agreements on the exchange of money laundering-related information with several foreign regulators, including FIUs in France, Korea, Macau, Hong Kong and Belgium.

Categories: Trade Based Financial crimes News

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