On December 3-5, 2014, the Fifth Sino-U.S. AML/CFT Workshop under the China-US Strategic and Economic Dialogues was convened in Hangzhou. PBC Deputy Governor Li Dongrong led the Chinese delegation to attend the meeting. Under the framework of the China-US Strategic and Economic Dialogues, AML authorities and financial institutions of the two countries exchanged views on a number of issues, including Sino-US AML/CFT regulatory cooperation, prospective signature of the bilateral MOU on AML regulatory cooperation, international cooperation on confiscation and recovery of criminal assets and criminal justice, combating terrorist financing, new types of financial transaction and payment models, virtual currency management, and etc.
Deputy Governor Li pointed out that, at the informal Summit of the APEC in Beijing not long ago, APEC leaders have published the Beijing Declaration on Fighting Corruption and decided to set up a cross-border network to strengthen anti-corruption cooperation. In the meanwhile, President Xi Jinping and President Barack Abama reached a series of consensus on deepening China-US cooperation. The China-US AML/CFT Workshop was an important step in implementing the initiatives of the two leaders, and it would provide significant support for fighting money laundering, corruption, and other criminal activities by strengthening cooperation on fighting illegal capital flow, and safeguard the stable economic and financial operation of the two countries. Mr. Li emphasized that, with increasingly frequent economic and financial exchanges, more establishments of commercial presence by financial institutions in the other country, and emerging new financial transactions and payment methods, regulatory authorities in the two countries should strengthen research and cooperation on AML to deal with new challenges.
Mr. Daniel L. Glaser, Head of the U.S. delegation and Assistant Secretary of Treasury, was of the view that the workshop has enabled the regulatory authorities from the two countries and relevant departments to have in-depth discussions on specific issues in China-US AML/CFT cooperation and come up with actionable recommendations, laying a solid foundation for further cooperation in the next stage. The U.S. will continue to support and engage in China-U.S. cooperation on AML/CFT, in order for the cooperation mechanism to produce more effects.
The Chinese delegates were representatives from the PBC, the CPC Central Commission for Discipline Inspection, the Supreme People’s Court, the Supreme People’s Procuratorate, the Ministry of Foreign Affairs, the Ministry of Public Security, the Ministry of Justice, the CSRC, the CIRC, and etc. The U.S. delegates were officials from the Department of Treasury, the Department of Justice, the Office of Comptroller of Currency, and etc.
