Macao Regulatory Updates: Financial Crime Prevention Efforts Continue Unabated Despite COVID-19 Challenges

Maintaining a Robust Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) Framework

In a significant display of commitment to combating financial crimes, Macao’s Financial Intelligence Office (GIF) has continued to work closely with law enforcement agencies, regulatory bodies, and the private sector to maintain a robust anti-money laundering (AML) and combating financing of terrorism (CFT) framework.

7th Joint Meeting on Prevention and Suppression of Financial Crimes

On June 3rd, representatives from all major banks in Macao and the Macao Postal Savings came together to discuss preventive measures against AML/CFT. The meeting saw a total of 60 attendees, including Director of GIF Chu Un I and Deputy Director Fong Iun Kei.

Key Discussions

• Overview of Macao’s AML/CFT statistics
• Latest suspicious transaction trends in the financial sector
• Analysis of the risk assessment of money laundering/terrorist financing and proliferation financing (PF) in Macao
• Presentation of the Strategic Plan on AML/CFT/CPF
• Arrangements for preparation of next round risk assessment

Emerging Global Money Laundering Trends and Preventive Measures

Both parties engaged in a thorough discussion on current compliance management work on AML/CFT and emerging global money laundering trends. They explored various measures to effectively prevent and combat potential financial crime risks, with a long-term vision of maintaining financial stability through appropriate preventive measures and reducing the risk of the financial system being abused for laundering proceeds of crime.

Success of the Meeting

The success of the meeting was attributed to regular communication between public services and the financial sector, which contributes significantly to the prevention and suppression of money laundering/terrorist financing/proliferation financing.