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MACAO Faces AML/KYC Challenges: FATF Evaluation Reveals Areas of Concern

A recent evaluation by the Financial Action Task Force (FATF) has highlighted several challenges facing Macao in its efforts to combat money laundering and terrorist financing.

Challenges Identified

According to the report, Macao has shown some progress in implementing Anti-Money Laundering (AML) and Know-Your-Customer (KYC) measures, but there are still significant challenges that need to be addressed. The evaluation found that:

• Macao’s rating for assessing risk and applying a risk-based approach was largely compliant, with efforts underway to strengthen its framework.
• National cooperation and coordination were struggling, with authorities having difficulty sharing information and coordinating efforts effectively.
• Confiscation and provisional measures were limited, with law enforcement agencies lacking sufficient powers.
• Regulation and supervision of financial institutions needed improvement.
• Transparency in beneficial ownership of legal persons and arrangements was lacking.
• Authorities were unable to effectively investigate and prosecute money laundering and terrorist financing cases.

Areas for Improvement

The FATF report identified 40 areas where Macao needs to improve its AML/CFT measures, including:

• Enhancing customer due diligence
• Improving record keeping
• Reporting of suspicious transactions
• Strengthening internal controls
• Regulating foreign branches and subsidiaries
• Improving international cooperation and mutual legal assistance

Response from Authorities

Macao’s authorities have committed to addressing these concerns and implementing necessary reforms to strengthen its AML/CFT regime. The country has one year to implement the recommendations outlined in the report before it is re-evaluated by the FATF.

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