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Macao Secures Outstanding Results in Asia/Pacific Group on Money Laundering Mutual Evaluation
Macao has achieved an outstanding result in the recent Asia/Pacific Group on Money Laundering (APG) Mutual Evaluation, thanks to the continuous efforts of all government agencies and sectors involved.
Effective Anti-Money Laundering Measures
The evaluation praised Macao’s comprehensive approach to combating money laundering and terrorist financing. The key areas that were highlighted include:
- Robust licensing requirements: For new entrants into the financial markets, including stringent market entry/licensing fit-and-proper tests for junket promoters.
- Effective supervision of the gaming sector: With anti-money laundering (AML) and counter-terrorism financing (CFT) preventive measures in place since 2006.
Strong Regulatory Framework
Macao’s regulatory framework has been strengthened through:
- Double-scrutiny system: For the market entry of junket promoters.
- Risk-based approach: Implemented by the financial and insurance sectors, incorporating AML/CFT guidelines stipulated by the Financial Action Task Force (FATF) Recommendations and Methodology.
Ongoing Supervision
The Monetary Authority of Macao (AMCM) conducts:
- Onsite and offsite supervisions
- Thematic assessments
- Cross-border supervisions
To ensure compliance with international standards.
Broader Coverage
Macao’s supervision framework extends to other sectors, including:
- Real estate intermediaries and agents
- Dealers of precious metals and stones
- Pawn shops
- Car dealers
- Notaries
- Professionals such as accountants, auditors, and lawyers
Commitment to Improvement
The Macao SAR Government is committed to addressing any deficiencies pointed out in the Mutual Evaluation Report and will carry out follow-up actions accordingly.
The outcome demonstrates the government’s determination to prevent crimes and the flow of funds, rather than simply prosecuting them afterwards. It also highlights the importance of a comprehensive approach to combating money laundering and terrorist financing, which requires the cooperation and commitment of all stakeholders involved.