MACAO’S MONEY LAUNDERING DETECTION EFFORTS SCORE HIGH MARKS IN GLOBAL REVIEW

Asian Pacific Group Praises Macao’s Anti-Money Laundering Efforts

The Asian Pacific Group on Money Laundering (APG) has commended the Macao Special Administrative Region for its successful efforts to combat money laundering and terrorism financing, as outlined in the 2021 Mutual Evaluation Follow-up Report.

Achievements and Accolades

• Macao is the only member of the APG to maintain compliant ratings on all 40 Financial Action Task Force (FATF) recommendations.
• This achievement was recognized by APG members in December, marking the second follow-up review since the initial evaluation in 2017.

Cooperation and Progress

Macao’s success can be attributed to the close cooperation between government agencies and private entities, particularly:

• The Interdepartmental Anti-Money Laundering/Combating of Financing of Terrorism Working Group (AML/CFT Working Group)
• The Financial Intelligence Office (GIF)

The review highlighted Macao’s progress in implementing anti-money laundering measures, with 6 out of 11 effectiveness outcomes scoring satisfactory ratings.

Remaining Vigilant

While the review is a positive assessment of Macao’s efforts, it also serves as a reminder that the region must remain vigilant in the face of evolving global financial threats. As APG moves forward with implementation effectiveness reviews, which will be more stringent than previous evaluations, Macao must continue to promote practical implementation of anti-money laundering laws and regulations to safeguard its financial and public security.

Model for Other Jurisdictions

Macao’s experience serves as a model for other jurisdictions looking to improve their anti-money laundering measures. Its success is a testament to the importance of close cooperation between government agencies and private entities in combating global financial threats.