Deals sought with US, Aus­tralia on il­le­gal as­sets

China Daily (Canada) - - NEWSCAPSULE -

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.

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