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The State Administration of Foreign Exchange and the General Administration of Customs signed a memorandum in Beijing Wednesday, vowing to work together to strike out the smuggling of and illegal trading on foreign exchange by arbitrage and the illegal remittance of foreign currency.
According to the memorandum, the two departments will communicate regularly with each other, use high-tech measures to improve the examination of customs declaration forms and share supervision, statistics and policy information as well as to establish a joint examination mechanism.
Sources say that cooperation between the two departments in the past has prevented crimes connected with foreign exchange dealing and contributed toward more orderly foreign exchange trading.
(People's Daily February 28, 2002)
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