Mainland, Macao ink pact to fight money laundering

The central bank said Friday it has signed a pact with the financial regulators of Macao on anti-money laundering cooperation.

A memorandum of understanding to "prevent money laundering and

terrorist financing activities" was signed with the Monetary Authority of Macao, according to a statement on the website of the People's Bank of China (PBOC).

Both sides will strengthen information sharing, personnel exchanges and training, as well as cooperation on inspections. No specific measures were outlined in the statement.

The PBOC said the agreement is of "great significance" as it will promote Beijing-Macao cooperation and improve the implementation of suggestions by the Financial Action Task Force (FATF), a global anti-money laundering bo