US, China Talk Company Ownership, AML During Financial Talks

Senior officials from the Treasury Department, the People’s Bank of China and others convened in Shanghai last week for the fifth meeting of the U.S.-China Financial Working Group, where they discussed beneficial ownership information, anti-money laundering efforts -- including updates on potential revisions of China’s AML law -- "and other topics," Treasury said Aug. 19. Biden administration officials "also raised areas of disagreement during the conversations," Treasury said. The meeting also included a roundtable with private Chinese and U.S. firms " to exchange views on a range of topics related to climate financing, including transition planning and carbon markets."

China's readout of the meeting said the two sides "had professional, pragmatic, candid and constructive discussions," including on issues related to AML and countering the financing of terrorism. The countries also signed an "exchange of letters on strengthening China-U.S. cooperation for preserving financial stability," China said.