Assistant Secretary for Terrorist Financing Daniel Glaser led the U.S. delegation at the third annual U.S.-China Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Workshop, held on December 3-4 in Beijing, China. The AML/CFT Workshop, an outcome of the Strategic and Economic Dialogue, is one of the key forums for U.S.-China cooperation on illicit finance issues and provides an important opportunity to address areas of mutual concern. This year, the Workshop focused on two priority issues: targeted financial sanctions and cross-border financial investigations. Participants from the Treasury Department and several other U.S. government agencies met with their Chinese counterparts to discuss their work and share best practices on the safeguarding of the international financial system.
The workshop featured a number of presentations from each side, as well as bilateral panels, and in-depth discussion on issues such as trade-based money laundering, the designating and freezing of terrorist assets, asset recovery, financial investigative techniques, and international cooperation. Participants on both sides agreed that China and the United States must remain at the forefront of international efforts to enhance the quality and depth of international AML/CFT standards. At the conclusion of the Workshop, Assistant Secretary Glaser and the People’s Bank of China Director General Liu Zhengming announced their intention to launch a specific U.S.-Chinese initiative to target and undermine trade-based money launderers and the unlicensed money transmitters that facilitate those networks.
Robert Peri is a
Policy Advisor in Office of Terrorist Financing and Financial Crimes at the
U.S. Department of the Treasury.