Macao Remains Global Leader in Money Laundering Detection

The Asia/Pacific Group on Money Laundering (APG) has recently adopted the 2021 Mutual Evaluation Follow-up Report of Macao Special Administrative Region (SAR), solidifying its position as a global leader in money laundering detection.

A Model for Anti-Money Laundering and Combating Terrorism

The report demonstrates Macao SAR’s latest developments in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime. With the close cooperation between various governmental agencies and private entities, Macao SAR has successfully maintained compliant ratings for all 40 Financial Action Task Force (FATF) Technical Compliance Recommendations.

Key Achievements:

• Compliant Ratings: Macao SAR is the only APG member to achieve compliant ratings for all 40 FATF Technical Compliance Recommendations.
• Top Marks in Effectiveness Outcomes: Macao SAR scored satisfactorily in six out of 11 effectiveness outcomes, earning top marks among the five members that have passed all 40 recommendations.

Joint Efforts and Commitment

The success is attributed to the joint efforts of various governmental agencies and private entities. The Interdepartmental AML/CFT Working Group plays a crucial role in promoting the practical implementation of AML/CFT laws and regulations, safeguarding financial and public security.

Key Factors Contributing to Success:

• Close Cooperation: Effective collaboration between 15 member agencies of the Interdepartmental AML/CFT Working Group.
• Active Participation: Active participation from different sectors in promoting effective AML/CFT measures.

Maintaining Leadership Position

As the APG mutual evaluation shifts its focus to implementation effectiveness, requirements for passing will become more stringent. Macao SAR must remain vigilant to global financial market changes and continue to promote effective AML/CFT measures to maintain its leadership position in money laundering detection.