Macao Achieves Outstanding Result in Asia-Pacific Group on Money Laundering Mutual Evaluation
A Testament to Government Agencies’ and Private Sectors’ Efforts
Macao has made significant strides in combating money laundering, with an outstanding result in the recent Asia-Pacific Group on Money Laundering (APG) Mutual Evaluation. The achievement is a testament to the tireless efforts of government agencies and private sectors who have continuously participated in the fight against financial crimes.
Key Strengths
The APG Mutual Evaluation Report commended Macao’s commitment to preventing the use of its financial systems for money laundering, terrorist financing, and other criminal activities. The report highlighted several key strengths:
- Robust Supervisory Framework: A comprehensive system that ensures effective supervision of financial institutions.
- Effective Risk-Based Supervision: A proactive approach to identifying and mitigating potential risks.
- Progressive Enhancement of Law Enforcement Agencies’ Capacity in Financial Investigation: Strengthening the capacity of law enforcement agencies to investigate financial crimes.
Comprehensive AML/CFT Regime
The report noted that Macao has implemented a comprehensive Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime, with a strong focus on:
- Customer Due Diligence Measures: Ensuring that customers are properly identified and risk assessed.
- Mandatory Reporting Requirements for Large-Sum Transactions: Requiring financial institutions to report suspicious transactions.
Strengthening International Cooperation
The government has also prioritized resources allocation to strengthen the supervisory framework and progressively enhance law enforcement agencies’ capacity in financial investigation. This includes:
- Establishing Parallel Financial Investigation Working Groups: Enhancing collaboration between law enforcement agencies and other stakeholders.
- International Cooperation: Strengthening cooperation with international partners to combat money laundering and terrorist financing.
Addressing Deficiencies
The APG Mutual Evaluation Report also pointed out some deficiencies, which the Macao SAR Government is committed to addressing through follow-up actions. The government will take into consideration of the recommendations in the report and allocate necessary resources to implement them.
Macao’s Achievement: A Reliable and Trustworthy Jurisdiction
Macao’s achievement in the APG Mutual Evaluation demonstrates its commitment to protecting financial stability by preventing the use of its financial systems for money laundering, terrorist financing, and other criminal activities. The government’s efforts have reinforced Macao’s reputation as a reliable and trustworthy jurisdiction in the Asia-Pacific region.