China and the Republic of Korea (ROK) will strengthen their cooperation in anti-money laundering, the People's Bank of China, China's central bank, said here Tuesday.

According to a Memorandum of Understanding signed by China's Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC) and the Korea Financial Intelligence Unit (FIU), the two sides will also enhance exchanges of financial information of terrorism financing.

This is the first time for China's financial information institute to sign such a MOU with its foreign counterparts. While for ROK, this is the 29th of its kind

According to the MOU, the two sides will cooperate in collecting, using and analyzing financial information of suspected money laundering, terrorism financing, and other criminal financial transactions.

The People's Bank of China said that money laundering and terrorism financing are related transnational activities, making cooperation with other countries imperative.

ROK signed an agreement Tuesday with China to exchange information on money laundering in a bid to stem the rising tide of incidents, the ROK Finance Ministry said.

Ouyang Weimin, head of CAMLMAC, and his ROK counterpart Ryu Jae-han, signed the MOU in Beijing.

Source: Xinhua