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Macau Makes Strides in Combating Money Laundering
In a major achievement, Macau has obtained an outstanding result in the Asia-Pacific Group on Money Laundering (APG) Mutual Evaluation, showcasing its commitment to combating money laundering and terrorist financing.
Effective Measures Implemented
The success is attributed to the efforts of various government agencies, financial institutions, and other stakeholders who have worked tirelessly to implement effective measures to prevent the use of financial systems for criminal activities. Macau’s authorities have also prioritized strengthening international cooperation and enhancing their capacity in financial investigations.
Supervision of Gaming Sector
One key area where Macau has made significant progress is in its supervision of the gaming sector. The government has introduced a range of measures, including:
- Licensing and fit-and-proper test requirements for junket promoters and their formal collaborators
- A double-scrutiny system to ensure the market entry of these operators
- Risk-based approaches used to monitor the activities of concessionaires, sub-concessionaires, and junket promoters
Additionally, the gaming sector has received regular industry training on AML/CFT requirements and ML typologies.
Financial and Insurance Sectors
In the financial and insurance sectors, Macau’s authorities have implemented a risk-based approach in their supervision, incorporating requirements stipulated by the Financial Action Task Force (FATF) recommendations and methodology. This has ensured compliance with international standards through:
- Onsite and offsite supervisions
- Thematic assessments
- Cross-border supervisions
Designated Non-Financial Businesses and Professions (DNFBPs)
Moreover, Macau has also conducted close supervision on DNFBPs, including:
- Real estate intermediaries and agents
- Dealers of precious metals and stones
- Pawn shops
- Car dealers
- Notaries
- Professionals such as accountants, auditors, and lawyers
This comprehensive approach has helped to mitigate the risks associated with these sectors.
Prioritizing Prevention
Macau’s authorities have emphasized that preventing crimes and the flow of funds is a top priority, rather than simply reacting to criminal activities after they occur. The government will continue to allocate resources to strengthen its supervision framework while progressively enhancing the capacity of law enforcement agencies in financial investigations.
Conclusion
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Overall, Macau’s efforts have demonstrated its commitment to protecting financial stability and combating money laundering and terrorist financing. The authorities will carefully consider the recommendations in the Mutual Evaluation Report and undertake follow-up actions to address the deficiencies identified.