Financial Crime World

MACAO EYES UP ANTI-MONEY LAUNDERING EFFORTS WITH OUTSTANDING APG MUTUAL EVALUATION RESULT

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Macau has achieved an outstanding result in the recent Asia/Pacific Group on Money Laundering (APG) Mutual Evaluation, marking a significant milestone in its anti-money laundering (AML) and combating the financing of terrorism (CFT) efforts.

Strong Supervisory Framework and Effective Risk Assessment

The Macao government’s continuous work with government agencies and private sectors has paid off, as evidenced by the outcome of the evaluation. The Anti-Money Laundering Working Group, comprising 15 government agencies, has been reviewing the AML/CFT regime since 2010, taking into account international standards and best practices.

Measures to Strengthen Supervision and Enforcement

The group has implemented a range of measures to strengthen supervision and enforcement, including:

  • Risk-based supervision for concessionaires, sub-concessionaries, and junket promoters in the gaming sector.
  • The Macau Monetary Authority (AMCM) implementing a risk-based approach in its supervision of the financial and insurance sectors.

APG Mutual Evaluation Report Commends Macao’s Efforts

The government’s efforts have not gone unnoticed, as highlighted by the APG Mutual Evaluation Report. The report commended Macao’s:

  • Strong supervisory framework
  • Effective risk assessment
  • Robust licensing requirements for new entrants into the financial markets

Building a Preventative Approach to AML/CFT

Macao’s AML/CFT strategy is built on the principle of preventing crimes and the flow of funds rather than simply prosecuting them after they have occurred. To achieve this goal, the government has:

  • Allocated top priority resources to strengthen its supervision framework
  • Progressively enhanced the capacity of law enforcement agencies in financial investigation

Commitment to Addressing Deficiencies and Improving AML/CFT Regime

The Macao SAR Government has committed to addressing the deficiencies pointed out in the report and will implement follow-up actions to further improve its AML/CFT regime.

Looking Ahead: Continuing Efforts to Protect Financial Stability

In light of these outstanding results, the Macao government is poised to continue its efforts to protect financial stability and prevent money laundering and terrorist financing.