Financial Crime World

Macao Enhances Fight Against Money Laundering and Terrorism Financing

Government Issues Priorities to Combat AML/CFT Risks

June 30, 2021 - Macao - The Financial Intelligence Office of the Monetary Authority of Macao (AMCM) has issued a set of government-wide priorities to combat money laundering and terrorism financing in the territory. This move aims to enhance the efficiency and effectiveness of Macao’s anti-money laundering and combating the financing of terrorism (AML/CFT) regime.

Identifying Key AML/CFT Threats

According to AMCM, the priorities identify and describe the most significant AML/CFT threats currently facing Macao, including:

  • Corruption
  • Cybercrime
  • Domestic and international terrorist financing
  • Fraud
  • Transnational criminal organizations
  • Drug trafficking organizations
  • Human trafficking and human smuggling
  • Proliferation financing

These threats are highlighted in no particular order.

Prioritizing AML/CFT Efforts

“The publication of these government-wide priorities is a crucial step towards improving our AML/CFT regime,” said AMCM Director Mr. Gabriel Lam. “We recognize that Macao’s unique position as a global financial center makes it vulnerable to money laundering and terrorism financing risks. By prioritizing these threats, we can better allocate our resources and foster greater public-private partnerships to combat these crimes.”

Enhancing Cooperation with International Partners

The AMCM has also committed to enhancing cooperation with international partners to combat money laundering and terrorism financing. This includes:

  • Sharing information and best practices with other financial intelligence units
  • Participating in regional and global initiatives to address these threats

By strengthening its AML/CFT regime and enhancing cooperation with international partners, Macao aims to maintain its reputation as a stable and secure financial center, while also protecting the integrity of its financial system.

Update Schedule

AMCM will update these priorities at least once every four years, as required by law. Covered institutions are not required to make any immediate changes to their risk-based AML programs in response to these priorities. However, they may wish to start considering how they will incorporate the AML/CFT priorities into their risk-based AML programs in preparation for new requirements when final rules are published.