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Anti-Money Laundering Laws in Macao Receive Positive Review
On Saturday, Secretary for Economy and Finance Leong Vai Tac expressed confidence that recently updated local legislation will facilitate prosecutions of suspected money laundering crimes, resulting in a higher incidence of convictions. The government will continue to optimize its anti-money laundering work, he said.
Macao’s Strong Anti-Money Laundering Record
Macao obtained six “substantial effectiveness” ratings in the Asia/Pacific Group on Money Laundering’s (APG) Mutual Evaluation Report 2017, recognizing the comprehensive nature of the city’s monitoring mechanisms for the gaming and finance sectors. While pleased with the report’s findings, Leong emphasized that the government will not be complacent and will instead continue to review, analyze, and optimize its anti-money laundering work to ensure consistent effort.
Key Achievements in Anti-Money Laundering Efforts
- Recognized technical compliance with international recommendations
- Effective implementation of measures against money laundering, terrorist financing, and financing leading to proliferation of non-conventional weapons
This is Macao’s third mutual evaluation since becoming an APG member in 2001.
Construction Site Safety Concerns Addressed
In related news, Leong expressed condolences to the families of victims in recent fatal incidents on construction sites in Macao. The government has taken measures to improve safety standards:
- Issued 31 suspension notices
- Levied 101 fines
- Made 150 suggestions for safety improvements after inspecting over 550 construction sites across the city
- Held meetings with the construction sector, professional groups, and labor associations to strengthen occupational safety and enhance safety training
Ongoing Commitment to Anti-Money Laundering Work
The government will continue to adapt its anti-money laundering work to new developments in the gaming and finance sectors, according to Leong.