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Macao Falls Short in Terrorist Financing Prevention

Evaluation Reveals Lacking Efforts to Prevent Terrorist Financing

In a recent evaluation, Macao has been found to be lacking in its efforts to prevent terrorist financing. The Financial Action Task Force (FATF) has rated Macao as “partially compliant” with 22 out of 40 recommendations aimed at preventing the misuse of financial systems for terrorist purposes.

Key Areas of Concern

• Risk Assessment and Risk-Based Approach: Macao falls short in assessing risk and applying a risk-based approach to combating terrorist financing.
• National Cooperation and Coordination: The region’s national cooperation and coordination efforts have been deemed “partially compliant”.
• Laws and Regulations: Weaknesses have been identified in Macao’s laws and regulations related to money laundering and terrorist financing, including:
  • Financial Institution Secrecy Laws: Found to be “non-compliant”
  • Customer Due Diligence Requirements: Deemed “partially compliant”

Transparency and Beneficial Ownership Disclosure

Macao was also criticized for its lack of transparency and beneficial ownership disclosure. The evaluation found that the region does not adequately disclose the true owners of companies and trusts.

FATF Recommendations

The FATF has called on Macao to address these shortcomings in order to better prevent terrorist financing. The region’s authorities have agreed to implement measures to improve its anti-money laundering and combating the financing of terrorism (AML/CFT) regime.

Conclusion

Macao’s rating as “partially compliant” is a wake-up call for the region, which must take immediate action to strengthen its AML/CFT framework and prevent the misuse of its financial system for terrorist purposes.