Prevention and Repression of Money Laundering and Terrorist Financing Crimes in Macao
Measures for Lawyers to Prevent Money Laundering and Terrorist Financing
As part of efforts to prevent and repress money laundering and terrorist financing crimes in Macao, lawyers play a critical role in implementing various measures. These measures aim to ensure compliance with regulations and prevent illegal activities.
Collaboration with Authorities
- Lawyers are required to provide all available information and documents to the authorities responsible for preventing and repressing money laundering and terrorist financing crimes.
- This collaboration is essential in identifying and addressing potential cases of money laundering and terrorist financing.
Professional Secrecy
- Lawyers are bound by professional secrecy and may not disclose any information obtained during their duties.
- Maintaining confidentiality is crucial in ensuring the trust between lawyers and clients while preventing illegal activities.
Customer Accounts
- Lawyers must open separate accounts for client funds and keep records of transactions.
- Anonymous accounts or those in fictitious names are prohibited to prevent money laundering.
Regular Audits
- Lawyers are required to submit regular certificates from auditors or accountants, verifying the accuracy of financial records.
- This ensures transparency and accountability in financial transactions.
Key Points
- The instructions aim to prevent money laundering and terrorist financing crimes in Macao.
- Lawyers have a critical role in preventing these crimes.
- Failure to comply with the instructions may result in administrative offenses and disciplinary actions.
Additional Information
The instructions also mention that law firms should appoint an associate or collaborator with adequate training to coordinate and monitor preventive measures. The Chief Executive is responsible for making final decisions, upon proposal from AAM, regarding the application of penalties and fines.
By implementing these measures, lawyers can contribute significantly to preventing money laundering and terrorist financing crimes in Macao.