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Money Laundering and Financing of Terrorism Prevention Instructions
Issued by the Department of Justice (DSAJ) in Macao
The Department of Justice (DSAJ) in Macao has issued instructions to registrars and notaries on identifying potential cases of money laundering or financing of terrorism. These instructions outline various risk indicators that should be monitored to ensure compliance with legal provisions.
Key Points from the Instructions
- Monitoring Compliance: The DSAJ will monitor compliance by registrars and notaries with legal provisions, including these instructions.
- Administrative Infractions: Intentional or negligent non-compliance with preventive duties is liable to an administrative infraction.
- Risk Indicators: A list of risk indicators for money laundering and financing of terrorism has been published as Annex I. These include:
- Establishment or incorporation of multiple companies on the same day or in a short period, involving non-resident shareholders from “tax havens”.
- Participation of minors or incapacitated persons in company incorporation or capital increase.
- Appointment of residents from “tax havens” as management body members.
- Over 50% capital increase through cash contributions.
- Company establishment or capital increase by natural or legal persons residing in or having a head office in “tax havens”.
- Designation of authorized persons from “tax havens” for Macao-based residents or companies.
- Transactions involving suspicious parties or assets.
Knowledge and Judgment Required
Registrars and notaries are expected to be aware of the knowledge required to assess these risk indicators, even if it is beyond their normal duties. This ensures that they can effectively identify potential cases of money laundering or financing of terrorism.
Purpose of the Instructions
The instructions aim to facilitate compliance with the duties imposed on registrars and notaries by Administrative Regulation 7/2006. By following these guidelines, registrars and notaries can ensure that they are meeting their obligations under the law and preventing illegal activities such as money laundering and financing of terrorism.