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Deal to monitor banks signed

BEIJING: Bahrain and China yesterday inked a memorandum of understanding in the area of monitoring banking institutions.

The memorandum, under the patronage of His Majesty King Hamad and Chinese President Xi Jinping, agrees on monitoring transactions of any branches or units related to banks in both countries.

The deal was signed by the Central Bank of Bahrain Governor Rasheed Al Maraj, and China Banking Regulatory Commission chairman Shang Fulin.

A protocol amending agreements on non-double taxation and prevention of tax evasion was also made. It was signed by Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa and Chinese National Administration of Taxation Affairs Wang Fei.

Under the protocol, tax authorities will provide assistance by exchanging information relating to management and implementation of national laws with regard to taxes.



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