Macao Enhances Money Laundering Detection through Updated Legislation

Boost to Anti-Money Laundering Efforts

Macao has taken significant steps to strengthen its anti-money laundering (AML) regime, with the government expressing confidence that recent updates to local legislation will lead to higher rates of convictions for suspected money laundering crimes. This move follows Macao’s positive evaluation in the Asia/Pacific Group on Money Laundering’s (APG) Mutual Evaluation Report 2017.

Key Highlights from the APG Report

• Macao received six “substantial effectiveness” ratings, recognizing its comprehensive monitoring mechanisms for the gaming and finance industries.
• The report noted areas where improvement was needed, prompting the government to review and adapt to new developments in these sectors.
• Macao’s technical compliance with international recommendations on money laundering, terrorist financing, and proliferation of non-conventional weapons was praised.

Strengthening Occupational Safety

In a separate statement, Mr. Leong expressed sadness over recent fatal incidents on construction sites in Macao and offered condolences to the families of the victims. In response to these incidents, the government took swift action:

• 31 suspension notices were issued.
• 101 fines were imposed.
• Over 550 construction sites across the city were inspected, resulting in 150 suggestions for safety improvements.

Enhancing Safety Training and Collaboration

Meetings were held with the construction sector, professional groups, and labor associations to strengthen occupational safety and enhance safety training. The government’s efforts aim to ensure a safer working environment for all construction workers in Macao.