Financial Crime World

7th Joint Meeting on Financial Crimes: Regulatory Bodies in Macao Unite to Combat Money Laundering and Terrorist Financing

Date: June 3, 2021

Amidst the “New Normal” lifestyle brought about by the COVID-19 pandemic, Macao’s Financial Intelligence Office (GIF) continues its mission to collaborate with law enforcement agencies, regulatory bodies, and the financial sector to suppress financial crimes. GIF marked its fourth year of a Public-Private Partnership with the financial sector and hosted the 7th Joint Meeting on Prevention and Suppression of Financial Crimes.

Overview

GIF held the meeting on June 3, 2021, inviting representatives from the compliance departments of all banks in Macao and Macao Postal Savings. Nearly 60 attendees joined the discussion on anti-money laundering and combating financing of terrorism (AML/CFT) measures in Macao’s financial sector.

🔵 Key Points:

  • GIF’s mission to suppress financial crimes in the new normal.
  • The 4th year of Public-Private Partnership with the financial sector.
  • 7th Joint Meeting on Prevention and Suppression of Financial Crimes.

Discussion

Director of GIF, Chu Un I, and Deputy Director Fong Iun Kei, along with other representatives, presented an overview of Macao’s AML/CFT statistics, latest suspicious transaction trends, and risk assessment results for money laundering, terrorist financing, and proliferation financing (PF). They discussed Macao’s Strategic Plan on AML/CFT/CPF and the preparation process for the next round risk assessment.

� Key Points:

  • Presentation of Macao’s AML/CFT statistics, trends, and risk assessment results.
  • Discussion on Macao’s Strategic Plan on AML/CFT/CPF.

Attendees engaged in extensive discussions on current compliance management work related to AML/CFT and the emerging global money laundering trends. They explored practical approaches to more effectively prevent and combat potential financial crime risks.

👚 Key Points:

  • Discussions on current compliance management work.
  • Exploration of practical approaches to prevent financial crimes.

Long-term Goals and Successful Outcomes

The long-term goal of Macao’s AML/CFT/CPF strategy is to ensure financial stability while maintaining appropriate preventive measures, thus minimizing the risk of the financial system being used to launder the proceeds of crime. The successful outcomes of “The 7th Joint Meeting on Prevention and Suppression of Financial Crimes” echoed the importance of consistent interaction between the financial sector and public services in the prevention and suppression of money laundering, terrorist financing, and proliferation financing.

🖥 Key Points:

  • Long-term goal: financial stability and appropriate preventive measures.
  • Successful outcomes of the 7th Joint Meeting.