🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

RPT-UPDATE 1-Australia and China agree to share financial crime intelligence

Published 02/11/2016, 08:02 am
Updated 02/11/2016, 08:10 am
© Reuters.  RPT-UPDATE 1-Australia and China agree to share financial crime intelligence
CWN
-

(Repeats story published late on Tuesday, no change to text)

BEIJING/SYDNEY, Nov 1 (Reuters) - Australia and China agreed on Tuesday to share intelligence about potential financial crime as part of a crackdown on cross-border money laundering and terrorism financing, as Australian Justice Minister Michael Keenan visits Beijing.

Keenan told reporters during his visit that he had also raised concerns with Chinese officials over four Australian citizens detained for "gambling crimes" in connection with Crown Resorts CWN.AX but said he did not discuss specifics of the charges.

The intelligence sharing agreement between Australian financial intelligence agency AUSTRAC and its Chinese counterpart CAMLMAC would allow both countries to target and disrupt organised criminal networks.

"The more granularity we can get on the intelligence and the more information that we can share together, the more likely we're able to find the needle in the haystack essentially, which is the bad financial transaction," Keenan said.

China has been trying to get increased international cooperation to hunt down suspected corrupt officials who have fled overseas since President Xi Jinping began a campaign against deeply-rooted graft more than three years ago.

The intelligence sharing agreement will boost China's pursuit of corrupt officials and business executives and their assets, a chase dubbed "Operation Foxhunt."

"We are determined that Australia is not a haven for corrupt money," Keenan said, adding that China was very satisfied with the level of cooperation Australia has provided.

Some Western countries have been reluctant to help, or sign extradition treaties, not wanting to send people back to a country where rights groups say mistreatment of criminal suspects remains a problem, and also complaining China is unwilling to provide proof of their crimes.

Keenan described China's detention of 18 Crown employees, including three Australian nationals, for "gambling crimes" as "essentially a consular matter" for Australia.

Consular officers have been able to visit the Australian nationals, who were detained on Oct. 17, and Keenan said his government was following the case closely.

Foreign Minister Julie Bishop told Australian media earlier this week a fourth Australian not employed by Crown had been detained in China in connection with the case. Keenan declined to elaborate on that development.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.