By Andrew S. Boutros, Wan Li, and Craig B. Simonsen
The U.S. Financial
Crimes Enforcement Network(FinCEN) and
the China Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC)
recently signed a Memorandum of Understanding (MOU) to create a “framework to
facilitate expanded U.S.-China collaboration, communication, and cooperation”
between each agency’s financial intelligence units (FIUs). News Release (December 11, 2015).
In announcing the MOU, FinCEN Director Jennifer Shasky
Calvery stated that “this MOU provides an important foundation for a reciprocal
exchange of extremely valuable financial information to help thwart terrorism
and money laundering in these perilous times…. Building this mutually
beneficial bridge of cooperation will serve each country’s vital interests and help
protect the citizens of both of our countries from the damage that criminals
and terrorist financiers can inflict.”
As an increasing amount of business is conducted
between the United States and China, the MOU serves important investigative
interests shared by both countries, namely, to allow for the sharing of
“extremely valuable information to provide leads, expose criminal networks, and
help thwart illicit activity in the vast and interconnected global economy,” as
stated by the FinCEN press release. For China, signing the MOU is also an
important action to push forward its domestic anti-corruption campaign,
internationally.
Those with questions about any of these issues or
topics are encouraged to reach out to the authors, your Seyfarth attorney, or
any member of the White Collar, Internal Investigations, and False
Claims Team.
No comments:
Post a Comment