Monetary authorities step up AML efforts

The monetary authorities of Macau, Hong Kong and Mainland China stepped up efforts to battle money laundering after a trilateral meeting on Friday.

The “Meeting on the Study and Application of Financial Supervision,” included discussions on money laundering and the financing of terrorism, and “maintaining and promoting financial security and stability,” according to a government announcement.

It was attended by Zhang Zhengxin, deputy director-general of the international department of the People’s Bank of China (PBOC), Du Yaozhong, director-general of the financial stability division of the PBOC Shanghai Head Office, Tan Yong Wah, head of the corporate services department of the Hong Kong Monetary Authority, and representatives of the Monetary Authority of Macao (AMCM).

The meeting also welcomed the establishment of the “Financial Security Expert Alliance” which invites experts to share information and continuously promotes the security and stability of financial markets.