Deals sought with US, Australia on illegal assets
China will strengthen financial intelligence exchanges with the United States and Australia to track corrupt Chinese officials’ illegal assets and fight money laundering, a senior official from the Ministry of Justice said.
The People’s Bank of China is in discussions with the US Financial Crimes Enforcement Network, a bureau under the US Treasury Department that monitors financial transactions to fight crime, said Zhang Xiaoming, deputy director-general of the ministry’s legal assistance and foreign affairs department. Preparations are being made for a bilateral agreement to target assets that Chinese suspects hold overseas, Zhang told China Daily.
The central bank will also sign a similar agreement with the Australian Financial Intelligence Unit.