Macao Strengthens Anti-Money Laundering Policies
Macao’s Government has expressed confidence in its anti-money laundering (AML) policies and procedures, citing recent updates that will facilitate prosecutions of suspected money laundering crimes.
AML Effectiveness Recognized by APG
According to a press briefing held on Saturday, Secretary for Economy and Finance Leong Vai Tac stated that Macao had obtained six “substantial effectiveness” ratings from the Asia/Pacific Group on Money Laundering (APG) Mutual Evaluation Report 2017. The report recognized Macao’s comprehensive monitoring mechanisms for its gaming and finance sectors, but also noted areas for improvement.
Key Achievements:
- Obtained six “substantial effectiveness” ratings from the APG
- Comprehensive monitoring mechanisms for gaming and finance sectors recognized
- Technical compliance with international AML recommendations
Continuous Improvement Efforts
The Government is committed to continuing to optimize its AML work, adapting to new developments in the local gaming and finance sectors, and ensuring consistent effort in reviewing and analyzing anti-money laundering efforts, Leong said.
Strategies for Continued Improvement:
- Adaptation to new developments in gaming and finance sectors
- Consistent review and analysis of AML efforts
- Optimization of AML work
Macao’s Commitment to Occupational Safety
The Secretary also expressed concerns over recent fatal incidents on construction sites in Macao, offering condolences to the families of the victims. In response to the incidents, the Government has issued suspension notices, fines, and safety improvement suggestions after inspecting over 550 construction sites across the city. Meetings have been held with the construction sector, professional groups, and labor associations to strengthen occupational safety and enhance safety training.
Initiatives for Improved Occupational Safety:
- Inspections of over 550 construction sites
- Suspension notices, fines, and safety improvement suggestions issued
- Meetings with construction sector, professional groups, and labor associations