Chinese central bank, Macau to boost anti-money laundering measures

China's central bank has made a pact to bolster cross- border anti-money laundering measures with authorities in Macau, Reuters reported.

The People's Bank of China said in a statement that it signed the memorandum of understanding with the Monetary Authority of Macau to prevent money laundering and terrorist financing activities.

The bank said the agreement would "strengthen bilateral exchanges", including those on anti-money laundering regulations, information exchange mechanisms and on-site inspections. The bank added that the two sides would adopt recommendations from the global anti-money laundering body, Financial Action Task Force, Reuters reported.

The MoU follows a prominent Macau junket operator being accused of laundering HK$1.8 billion ($232 million) through bank accounts in Hong Kong.

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