Financial Crime World

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Enhancing Anti-Money Laundering (AML) and Counter Terrorist Financing (CFT) Measures in Macao SAR

The Macao Monetary Authority’s Gaming Inspection and Coordination Bureau (GIF) has been actively working to strengthen anti-money laundering (AML) and counter terrorist financing (CFT) measures in the territory. This comprehensive report outlines various initiatives, actions, and achievements taken by GIF to enhance AML/CFT measures in Macao SAR.

Key Initiatives and Actions

  • Revision of AML/CFT Guidelines: GIF has been closely coordinating with supervisory departments to revise AML/CFT guidelines, incorporating risk-based approach, internal control measures, and other compliance-related elements.
  • Cash Courier Regulation: The Macao SAR Government introduced Law No. 6/2017 to regulate cross-border transportation of cash and bearer negotiable instruments, in line with FATF recommendations.
  • Risk Assessment: GIF convened an inter-departmental AML/CFT Working Group to launch the 2nd round of the Macao SAR’s risk assessment project on ML, TF, and proliferation financing (2nd round risk assessment).
  • Regular Follow-up Report: The first regular follow-up report should be submitted to APG before January 2019, providing progress on follow-up actions and hoping for a higher rating.
  • NPOs Feasibility Study: GIF will conduct a new round of feasibility study on NPOs based on the results recommendations regarding NPOs from the APG Mutual Assessment Report.

Enhancing International Cooperation

The report highlights Macao SAR’s efforts to strengthen its AML/CFT framework, enhance international cooperation, and combat ML/TF activities. By revising guidelines, regulating cash couriers, conducting risk assessments, and submitting regular follow-up reports, Macao SAR is taking concrete steps towards a more robust AML/CFT regime.

Conclusion

Macao SAR’s commitment to enhancing its AML/CFT measures demonstrates the territory’s dedication to combating money laundering and terrorist financing activities. The initiatives outlined in this report will contribute to a safer and more stable financial environment for all stakeholders involved.