U.S. and Chinese Financial Intelligence Units Sign MOU

On December 11, 2015, the Directors of the U.S. Financial Crimes Enforcement Network (FinCEN) and the China Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC), signed a Memorandum of Understanding (MOU) that creates a “framework to facilitate expanded U.S.-China collaboration, communication, and cooperation between both nations’ financial intelligence units (FIUs).” The MOU provides a means to share information about money laundering and financial crimes, including the financing of terrorism, in order to prevent criminal actors from using the financial systems of either country for illicit purposes. FinCEN currently has a number of similar MOUs with other countries’ FIUs.
The FinCEN press release announcing the signing of the MOU can be found at:https://www.fincen.gov/whatsnew/html/20151211.html.