U.S. concerned about currency swaps between Africa and China

WASHINGTON (Reuters) – The United States is concerned that increased currency swap agreements between China and African nations will reduce visibility into financial transactions and will make it harder to prevent money laundering, a senior U.S. sanctions official said on Thursday.

Marshall Billingslea, the U.S. Treasury Department’s assistant secretary for terrorist financing, told a congressional hearing that while there was greater interest in using the yuan, most African countries still found it necessary to ultimately clear trade in U.S. dollars.

He was responding to questions by…

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