The anti-money laundering agencies of the United Arab Emirates and China have signed a Memorandum of Understanding (MoU) to boost efforts in the anti-money laundering and combatting the financing of terrorism (AML/CFT) field.

They will exchange information on their own investigations into financial transactions related to money laundering, terrorist financing, and the people or entities involved, said the UAE’s Financial Intelligence Unit.

It signed the MoU with the China Anti-Money Laundering Monitoring and Analysis Centre.

“We will continue our ongoing joint efforts to confront all suspicious activities both regionally and internationally and we will seek to reduce the threats these activities pose to the stability and integrity of the global financial system,”

Ali Faisal Ba’alawi, head of the Financial Intelligence Unit.

His Chinese counterpart Gou Wenjun added: “This MoU not only serves the mutual interests of both China and the UAE, but also demonstrates our responsibility to combat global financial crimes and terrorist activities with concrete actions.”