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U.S. and China to Expand AML Collaboration

Jaclyn Jaeger | December 14, 2015

The U.S. Treasury Department's Financial Crimes Enforcement Network and the China Anti-Money Laundering Monitoring and Analysis Center last week signed a Memorandum of Understanding (MOU) to create a framework to facilitate expanded U.S.- China collaboration, communication, and cooperation between both nations’ financial intelligence units.

In the United States, FinCEN is responsible for collecting, analyzing, and disseminating financial intelligence to law enforcement and other relevant authorities to help fight money laundering and the financing of terrorism. FinCEN is also the lead AML/countering the financing of terrorism (CIT) regulator for the federal government. In both roles, its mission is to safeguard the financial system, combat money laundering, and promote national security. FinCEN has dozens of similar MOU arrangements with other FIUs, organized under the global network of the Egmont Group, to...

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