What’s new: China and the United Arab Emirates (UAE) have agreed to share intelligence concerning money laundering and terrorist financing, according to a Tuesday statement released by the UAE’s central bank.
The UAE Financial Intelligence Unit and the China Anti-Money Laundering Monitoring and Analysis Center, an agency under the People’s Bank of China, have signed a memorandum of understanding that will enable them to exchange information on investigations concerning financial transactions related to money laundering, terrorist financing and the persons or entities involved, the statement said.
Home to global financial hub Dubai, the UAE is China’s largest export market and its second-biggest trade partner in the Arab world.
The context: China has been enhancing international cooperation in its battle against money laundering and terrorist financing in recent years, signing similar agreements with a number of countries (link in Chinese), including the U.S., Luxembourg and the Philippines.
Domestically, China has been toughening relevant laws and regulations with higher penalties.
Related: Cover Story: How China Is Racing to Catch Up With Money Launderers
Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Lin Jinbing (jinbinglin@caixin.com)
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