The U.S. Treasury Department’s Financial Crimes Enforcement Network and China’s Anti-Money Laundering Monitoring and Analysis Center have entered into a memorandum of understanding to prevent money laundering and terrorism financing.

The memorandum of understanding will ensure that the parties share valuable intelligence in respect of financial information. The exchange demonstrates a coordinated international effort to prevent money laundering and terrorism financing.

The U.S. is already a party to many similar agreements with financial intelligence agencies in other countries. For instance, the Egmont Group is a collective of 151 countries that share expertise and intelligence to combat money laundering and terrorism financing. As China is not a part of the Egmont Group, this memorandum of understanding with the U.S. is a significant step in the continued international effort to prevent money laundering.