Financial Crime World

Macao Financial Crimes: GIF Holds 7th Joint Meeting to Combat Money Laundering and Terrorist Financing

Despite the ongoing COVID-19 pandemic, the Financial Intelligence Office (GIF) in Macao remains committed to combating financial crimes. The agency has maintained close communication with the financial sector and regulatory bodies to prevent and suppress money laundering, terrorist financing, and proliferation financing.

7th Joint Meeting on Prevention and Suppression of Financial Crimes

The 7th Joint Meeting on Prevention and Suppression of Financial Crimes was held on June 3rd, 2021. Representatives from the compliance department of all banks in Macao and Macao Postal Savings attended the meeting. The main objective was to enhance the effectiveness of prevention and suppression of financial crimes by discussing preventive measures against anti-money laundering (AML) and combating financing of terrorism (CFT).

Key Discussions

  • Overview of AML/CFT Statistics: GIF Director Chu Un I and Deputy Director Fong Iun Kei provided an overview of Macao’s AML/CFT statistics, latest suspicious transaction trends in the financial sector, risk assessment of money laundering/terrorist financing and proliferation financing, as well as the strategic plan on AML/CFT/CPF.
  • Current Compliance Management Work: Both parties discussed current compliance management work on AML/CFT and emerging global money laundering trends, exploring various measures to effectively prevent and combat potential financial crime risks.

Importance of Regular Communication

Regular communication between public services and the financial sector is crucial in preventing and suppressing money laundering, terrorist financing, and proliferation financing. The meeting concluded that maintaining financial stability through appropriate preventive measures reduces the risk of the financial system being abused for laundering proceeds of crime.

Long-Term Vision

The long-term vision of Macao’s AML/CFT/CPF strategy is to maintain financial stability through appropriate preventive measures, reducing the risk of the financial system being abused for laundering proceeds of crime. The 7th Joint Meeting on Prevention and Suppression of Financial Crimes was deemed a success, with both parties agreeing that regular communication between public services and the financial sector contributes to preventing and suppressing money laundering, terrorist financing, and proliferation financing.