Financial Crime World

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Macao Makes Strides in Combating Money Laundering and Terrorism Financing

A recent assessment by international authorities has revealed that Macao has made significant progress in implementing measures to combat money laundering and terrorism financing. The report, which evaluated the territory’s compliance with global standards set by the Financial Action Task Force (FATF), found that Macao has largely implemented technical requirements aimed at preventing financial crimes.

Key Areas of Improvement

According to the assessment, Macao has demonstrated substantial progress in several key areas:

  • Assessing Risk and Preventing Money Laundering: Macao has made significant strides in assessing risk and applying a risk-based approach to prevent money laundering.
  • Combating Terrorist Financing and Proliferation: The territory has implemented measures to combat terrorist financing and proliferation, demonstrating its commitment to global security standards.
  • Strengthening Customer Due Diligence and Record-Keeping: Macao has strengthened customer due diligence and record-keeping practices, enhancing the transparency of financial transactions.
  • Enhancing Supervision of Financial Institutions and DNFBPs: The territory has enhanced supervision of financial institutions and designated non-financial businesses and professions (DNFBPs), ensuring that they comply with anti-money laundering regulations.
  • Improving International Cooperation and Coordination: Macao has improved international cooperation and coordination on anti-money laundering efforts, demonstrating its commitment to global collaboration.

Remaining Challenges

However, the report also identified areas where Macao needs to improve:

  • Strengthening Laws and Regulations Related to Terrorist Financing: The territory should strengthen its laws and regulations related to terrorist financing to ensure that it complies with international standards.
  • Enhancing Transparency and Beneficial Ownership: Macao should enhance transparency and beneficial ownership of legal persons and arrangements, ensuring that financial institutions can identify the true owners of companies.
  • Improving Guidance and Feedback Mechanisms: The territory should improve guidance and feedback mechanisms for financial institutions and DNFBPs to ensure that they comply with anti-money laundering regulations.
  • Addressing Weaknesses in Regulation and Supervision: Macao should address weaknesses in the regulation and supervision of certain sectors, such as casinos and other high-risk businesses.

A Step Towards Compliance

The assessment highlights Macao’s commitment to combating money laundering and terrorism financing, a critical aspect of maintaining financial stability and security. While there is still work to be done, Macao has demonstrated significant progress towards achieving full compliance with global standards.