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China and Australia to exchange financial intelligence

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The Hon Michael Keenan MP Minister for Justice

Minister Assisting the Prime Minister for Counter Terrorism


1 November 2016

China and Australia to exchange financial intelligence

Australia’s financial intelligence agency, AUSTRAC, today signed a Memorandum of Understanding (MoU) for the exchange of financial intelligence with its Chinese counterpart, CAMLMAC (China Anti-Money Laundering Monitoring and Analysis Center).

Today in Beijing, Minister for Justice Michael Keenan, commended the two agencies for their commitment to strengthening the bilateral relationship and the collaborative approach they have undertaken to combatting serious financial crime.

“China is now Australia’s largest trading partner. Organised crime is opportunistic and will exploit the strong trading relationship between our two countries to traffic drugs and engage in serious financial crimes,” Mr Keenan said.

“Australia and China share a mutual interest in the prevention of such crimes and this MoU will enhance cooperation and enable important operational initiatives between our countries.”

Mr Keenan added that the MoU would be a significant boost to major national law enforcement campaigns, including Australia’s National Ice Strategy.

“Following the money trail is an essential element in tackling serious and organised crime,” Mr Keenan said.

Also present at the signing was the CEO of AUSTRAC, Paul Jevtovic, and First Deputy Director-General of CAMLMAC, Mr Li Zhe.

Mr Jevtovic said the terms of the MoU will allow financial intelligence to be shared between the two agencies, including suspicious matter reports, to identify money laundering and terrorism financing activities and to support related law enforcement investigations.

“This MoU is a critical step in our relationship with China. It will enable AUSTRAC and our partners CAMLMAC to develop financial intelligence that will allow the targeting and disruption of organised criminal networks impacting both our countries,” Mr Jevtovic said.

“AUSTRAC will work with CAMLMAC to develop joint operational projects in areas of mutual interest to commence once the MOU is signed.

“This MoU is designed to enhance the ability of China and Australia to detect and disrupt serious financial crimes as well as to harden and protect our financial systems from criminal abuse.”

This new agreement means AUSTRAC now has 85 formal arrangements to share financial intelligence with other countries, as well as two separate MOUs for the exchange of regulatory information with foreign regulators.

Media contacts: Adrian Barrett 0429 601 232 or Emily Broadbent 0400 390 008