Partners want to beat money launderers

SHANGHAI: While constructing the city's international financial center, Shanghai also wants to build up its army of anti-money laundering experts.

And an influx of professionals will be hitting the books soon, following a partnership between Shanghai-based Fudan University and the Association of Certified Anti-Money Laundering Specialists (ACAMS), a non-government organization that trains and certifies professionals in the rapidly expanding anti-money laundering field.

"Money laundering has been proved to be an emerging challenge for the whole world. Despite some achievements it has made in the past years, the country lagged behind Western countries in anti-money laundering experience and legislation," said Shi Lei, an economics professor at Fudan University. "The cooperation is part of the country's efforts to strengthen anti-money laundering checks and monitor securities and insurance companies to safeguard financial security."