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Annual Report 2016
FATF Reccomandations
FATF Reccomandations

FinTRACA and CAMLMAC-China Signs Memorandum of Understanding

Financial Action Task Force (FATF) requires each jurisdiction to ensure that their competent authorities can rapidly, constructively and effectively provide the widest range of international cooperation in relation to money laundering, associated predicate offences and terrorist financing and should do so both spontaneously and upon request, and there should be a lawful basis for providing cooperation. Each country should authorize their competent authorities to use the most efficient means to cooperate. Should a competent authority need bilateral or multilateral agreements or arrangements, such as a Memorandum of Understating (MOU), these should be negotiated and signed in a timely way with the widest range of foreign counterparts.

Meanwhile; Article # 31 of Anti-Money Laundering and Proceeds of Crime Law of Afghanistan, obliges Financial Transactions and Reports Analysis Center of Afghanistan (FinTRACA) to spontaneously or upon request, share information with any counterpart agency that performs similar functions and is subject to similar secrecy obligations with respect to the information it receives based upon reciprocity or mutual agreement.

Adopting international best practices and applying national legal basis, Director General of FinTRACA, Mr. Nesar Ahmad Yosufzai and China Anti-Money laundering Monitoring and Analysis Center (CAMLMAC) Director General, Mr. Luo Yubing signed a Memorandum of Understanding (MOU) on sharing information on Money Laundering and Terrorist Financing and other Crimes.

The MOU will enable cooperation between the two Financial Intelligence Units on the collection, analysis and exchange of financial intelligence spontaneously or upon request. The MOU is signed based on the spirit of cooperation and mutual interest within the framework of national laws of each authority to join international community in the fight against money laundering and terrorism financing in the region. FinTRACA is member of the Egmont Group of Financial Intelligence Units and had signed the Memorandum of Understandings with fourteen FIUs of foreign countries.

To see the list of all MOUs, click here: http://www.fintraca.gov.af/InternationalMOUs.html

This MOU was signed during the month of February, 2017, via post.


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