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China, S. Korea to battle money laundering
(Asia Pulse)
Updated: 2005-11-16 14:49 China and South Korea will
strengthen their cooperation in battling money laundering, the People's Bank of
China, China's central bank, said here Tuesday.
According to a Memorandum of Understanding signed by China's Anti-Money
Laundering Monitoring and Analysis Center (CAMLMAC) and the Korea Financial
Intelligence Unit (FIU), the two sides will also enhance exchanges of financial
information of terrorism financing.
This is the first time for China's financial information institute to sign
such a MOU with its foreign counterparts.
According to the MOU, the two sides will cooperate in collecting, using and
analyzing financial information of suspected money laundering, terrorism
financing, and other criminal financial transactions.
The People's Bank of China said that money laundering and terrorism financing
are related transnational activities, making cooperation with other countries
imperative.
South Korea signed an agreement Tuesday with China to exchange information on
money laundering in a bid to stem the rising tide of incidents, the South Korean
Finance Ministry said.
Ouyang Weimin, head of CAMLMAC, and his South Korean counterpart Ryu Jae-han,
signed the MOU in Beijing.
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