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UAE, China to cooperate against money laundering, terrorism financing

·1 min read

DUBAI, Aug 3 (Reuters) - The United Arab Emirates and China agreed to share intelligence to fight money laundering and terrorism financing, the Financial Intelligence Unit of the UAE central bank said on Tuesday.

It said it would exchange information with its counterpart, the China Anti-Money Laundering Monitoring and Analysis Centre, on investigations into transactions related to money laundering, terrorist financing, and the persons or entities involved.

The UAE, home to the Middle East financial hub Dubai, has worked over the last few years to overcome a perception it is a hot spot for illicit money. In February the government created an Executive Office for Anti-Money Laundering and Counter Terrorism Financing.

China was Dubai's largest trading partner in 2019, contributing $29 billion to the economy that year. (Reporting by Davide Barbuscia, Editing by William Maclean)