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Macao Achieves Outstanding Results in Asia/Pacific Group on Money Laundering Mutual Evaluation
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Macao has made significant strides in combating money laundering and terrorist financing, according to a recent Asia/Pacific Group on Money Laundering (APG) Mutual Evaluation. The evaluation highlighted Macao’s commitment to implementing robust anti-money laundering (AML)/counter financing of terrorism (CFT) measures.
A Comprehensive Approach to AML/CFT
Macao has a well-established AML/CFT framework in place, with 15 government agencies working together to prevent and combat money laundering and terrorist financing. The Macao Special Administrative Region Government has implemented a range of measures to mitigate the risks associated with money laundering and terrorist financing.
Key Initiatives
- Established a comprehensive risk-based approach to supervision
- Conducts close supervision on designated non-financial businesses and professions (DNFBPs)
- Provides industry training on AML/CFT requirements and money laundering typologies in the casino sector
Strengthening AML/CFT Provisions
The Supreme Court of Macao has strengthened its AML/CFT provisions, including licensing and fit-and-proper test requirements for junket promoters. The court also established a double-scrutiny system for market entry, requiring junket promoters to undergo stringent tests before entering into business relationships with concessionaires/sub-concessionaires.
Industry Training and Supervision
The Gaming Inspection and Coordination Bureau (DICJ) provides industry training on AML/CFT requirements and money laundering typologies in the casino sector. The training is directed at concessionaries, sub-concessionaires, and junket promoters, ensuring that they understand their obligations under the updated DICJ AML/CFT Guideline.
Key Initiatives
- Provides industry training on AML/CFT requirements and money laundering typologies
- Conducts close supervision on DNFBPs
- Implements a risk-based approach to supervision
Long-Term Vision for AML/CFT Strategy
Macao’s AML/CFT strategy is focused on protecting financial stability by preventing crimes and the flow of funds rather than prosecuting them afterwards. The government has placed top priority resources allocation to strengthen the supervision framework while progressively enhancing the capacity of law enforcement agencies in financial investigation.
Full Commitment to Follow-Up Actions
The Macao SAR Government will take into consideration the recommendations in the Mutual Evaluation Report and give full commitment to carry out follow-up actions to address deficiencies pointed out in the report.