Identifier
Created
Classification
Origin
08BEIJING1252
2008-04-02 09:50:00
CONFIDENTIAL
Embassy Beijing
Cable title:
CHINA'S RESPONSE TO DEMARCHE ON IMPLEMENTATION OF
how-toVZCZCXRO0972 OO RUEHCN RUEHGH RUEHVC DE RUEHBJ #1252 0930950 ZNY CCCCC ZZH O 020950Z APR 08 FM AMEMBASSY BEIJING TO RUEHC/SECSTATE WASHDC IMMEDIATE 6250 INFO RUEHOO/CHINA POSTS COLLECTIVE IMMEDIATE RUEATRS/DEPT OF TREASURY WASHINGTON DC IMMEDIATE
C O N F I D E N T I A L BEIJING 001252
SIPDIS
SIPDIS
DEPARTMENT FOR EAP/CM, ISN/CPI, T, NEA
E.O. 12958: DECL: 04/02/2018
TAGS: PGOV PREL ECON EFIN ETRD PARM EINV CH IR
SUBJECT: CHINA'S RESPONSE TO DEMARCHE ON IMPLEMENTATION OF
UNSCR 1803 FINANCIAL PROVISIONS
REF: STATE 29096
Classified By: Financial Minister Counselor for Financial Affairs David
Loevinger for reasons 1.4 b and d.
C O N F I D E N T I A L BEIJING 001252
SIPDIS
SIPDIS
DEPARTMENT FOR EAP/CM, ISN/CPI, T, NEA
E.O. 12958: DECL: 04/02/2018
TAGS: PGOV PREL ECON EFIN ETRD PARM EINV CH IR
SUBJECT: CHINA'S RESPONSE TO DEMARCHE ON IMPLEMENTATION OF
UNSCR 1803 FINANCIAL PROVISIONS
REF: STATE 29096
Classified By: Financial Minister Counselor for Financial Affairs David
Loevinger for reasons 1.4 b and d.
1. (C) Minister Counselor for Financial Affairs delivered
points in reftel March 27 to Tang Xu, Director General of the
People's Bank of China (PBOC) Anti-Money Laundering Bureau.
Tang responded that over the past two years, the PBOC has
increased its attention to interactions between Chinese banks
and Iran-related entities. He noted that in October 2007,
the PBOC issued an advisory to financial institutions to
exercise special due diligence in their transactions with
Iranian firms and financial institutions. Tang said the PBOC
requires that Chinese financial institutions undertake
careful checks on their transactions with Iranian entities,
but he pointed out that it is difficult to identify
problematic transactions because the structure of businesses
and transactions are complex. He explained that when the PBOC
receives lists of entities designated by the U.S., it
reiterates to Chinese banks the importance of complying with
UN and Financial Action Task Force (FATF) resolutions.
Specific details on how the PBOC treats entities that are
listed by the United States, but not the UN, are best
discussed between Treasury Secretary Paulson and PBOC
Governor Zhou, he added. Tang noted that the PBOC would
welcome technical assistance from the United States to aid
PBOC efforts to identify illegal transactions conducted under
the guise of international trade.
2. (C) PolOff also presented reftel points March 21 to Xu
Wei, Deputy Director of the MFA West Asian and North African
Affairs Department's Iran and Turkey Division. Xu said that
the Chinese government takes their responsibility on this
issue very seriously and seeks to cooperate with other
countries to ensure the security of the financial system. He
said that China forwards advisories from members of the
international community to Chinese banks, and thus all
Chinese banks are aware of the concerns of the international
community.
RANDT
SIPDIS
SIPDIS
DEPARTMENT FOR EAP/CM, ISN/CPI, T, NEA
E.O. 12958: DECL: 04/02/2018
TAGS: PGOV PREL ECON EFIN ETRD PARM EINV CH IR
SUBJECT: CHINA'S RESPONSE TO DEMARCHE ON IMPLEMENTATION OF
UNSCR 1803 FINANCIAL PROVISIONS
REF: STATE 29096
Classified By: Financial Minister Counselor for Financial Affairs David
Loevinger for reasons 1.4 b and d.
1. (C) Minister Counselor for Financial Affairs delivered
points in reftel March 27 to Tang Xu, Director General of the
People's Bank of China (PBOC) Anti-Money Laundering Bureau.
Tang responded that over the past two years, the PBOC has
increased its attention to interactions between Chinese banks
and Iran-related entities. He noted that in October 2007,
the PBOC issued an advisory to financial institutions to
exercise special due diligence in their transactions with
Iranian firms and financial institutions. Tang said the PBOC
requires that Chinese financial institutions undertake
careful checks on their transactions with Iranian entities,
but he pointed out that it is difficult to identify
problematic transactions because the structure of businesses
and transactions are complex. He explained that when the PBOC
receives lists of entities designated by the U.S., it
reiterates to Chinese banks the importance of complying with
UN and Financial Action Task Force (FATF) resolutions.
Specific details on how the PBOC treats entities that are
listed by the United States, but not the UN, are best
discussed between Treasury Secretary Paulson and PBOC
Governor Zhou, he added. Tang noted that the PBOC would
welcome technical assistance from the United States to aid
PBOC efforts to identify illegal transactions conducted under
the guise of international trade.
2. (C) PolOff also presented reftel points March 21 to Xu
Wei, Deputy Director of the MFA West Asian and North African
Affairs Department's Iran and Turkey Division. Xu said that
the Chinese government takes their responsibility on this
issue very seriously and seeks to cooperate with other
countries to ensure the security of the financial system. He
said that China forwards advisories from members of the
international community to Chinese banks, and thus all
Chinese banks are aware of the concerns of the international
community.
RANDT