Financial Crime World

Macao Regulator Confident in Updated Legislation to Combat Financial Crime

Macao Scores High in Anti-Money Laundering Report

Macao’s Secretary for Economy and Finance, Mr Leong Vai Tac, expressed confidence that the city’s updated legislation will help facilitate prosecutions of suspected money laundering crimes. This comes after Macao obtained six “substantial effectiveness” ratings in the Asia/Pacific Group on Money Laundering (APG) Mutual Evaluation Report 2017.

Key Findings from the APG Report

  • Comprehensive monitoring mechanisms: The report recognized Macao’s comprehensive nature of its monitoring mechanisms for the gaming and finance sectors.
  • Areas for improvement: However, the report also noted areas where Macao can improve its anti-money laundering work.
  • Technical compliance with international recommendations: Macao has been recognized as technically compliant with international recommendations on combating money laundering, terrorist financing, and financing of proliferation of non-conventional weapons.

Commitment to Improving Anti-Money Laundering Work

Mr Leong Vai Tac emphasized that the government is not complacent about the positive commentary in the report. He stated that they will continue to optimize their anti-money laundering work, adapting to new developments emerging in the local gaming and finance sectors.

Membership and Evaluations

  • APG membership: Macao has been a member of the APG since 2001.
  • Third mutual evaluation: This was Macao’s third mutual evaluation by the APG.
  • Membership and observers: The group currently has 41-jurisdiction membership and a number of international and regional observers.

In other news, Mr Leong expressed sadness over recent fatal incidents on construction sites in Macao. He offered his condolences to the families of the victims and announced that the Government had issued suspension notices, fines, and safety improvement suggestions after inspecting over 550 construction sites across Macao.

Strengthening Occupational Safety

The government has also held meetings with the construction sector, professional groups, and labour associations to strengthen occupational safety at all sites and enhance safety training.