Financial Crime World

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Financial Crimes Enforcement Network in China: US and Taiwan Sign Memorandum of Understanding to Combat Money Laundering and Terrorist Financing

In a move aimed at strengthening international cooperation against financial crimes, the Financial Crimes Enforcement Network (FinCEN) of the United States Department of the Treasury and the Money Laundering Prevention Center, Investigation Bureau, Ministry of Justice, Republic of China (Taiwan) have signed a Memorandum of Understanding (MOU).

The Agreement

Signed on May 27, 2008, the MOU enables the exchange of information between the two authorities in support of investigations related to money laundering, terrorist financing, and other financial crimes. The agreement facilitates the sharing of information that may be relevant to ongoing investigations, including information that is not publicly available.

Key Provisions

  • Each authority will provide upon request from the other any information in its possession that may be relevant to an investigation.
  • Information will be spontaneously provided by each authority to the other.
  • The requesting authority must disclose the reason for the request and the purpose for which the information will be used.

Confidentiality and Safeguards

The agreement outlines strict controls and safeguards to ensure that exchanged information is used only in an authorized manner and treated in a confidential manner. Exchanged information will be protected by the same confidentiality as provided by the legislation of the country of the receiving authority for similar information received from domestic sources.

Termination and Amendments

  • The agreement may be amended at any time by mutual written consent.
  • It is revocable at any time, with termination effective upon receipt of written notification from the other party.

Conclusion

The signing of this MOU marks an important step in strengthening international cooperation against financial crimes and demonstrates a commitment to sharing information and best practices between the US and Taiwan.