Macau’s Anti-Money Laundering Efforts Receive High Marks in Recent Report
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Macau’s Secretary for Economy and Finance, Leong Vai Tac, expressed confidence that the city’s recently updated legislation will facilitate prosecutions of suspected money laundering crimes and lead to a higher incidence of convictions.
Strong Performance in APG Mutual Evaluation Report 2017
The Asia/Pacific Group on Money Laundering (APG) Mutual Evaluation Report 2017 recognized Macau’s comprehensive monitoring mechanisms for its gaming industry and finance sectors, with six “substantial effectiveness” ratings. This marks a significant achievement for the city.
Optimizing Anti-Money Laundering Work
While Leong emphasized that the government is not complacent, it will continue to optimize its anti-money laundering work by reviewing, analyzing, and adapting to new developments in the local gaming and finance sectors. The government will also follow recommendations from international agencies to ensure continued compliance.
Technical Compliance with International Recommendations
The APG mutual evaluation praised Macau’s technical compliance with international recommendations on money laundering, terrorist financing, and proliferation of non-conventional weapons. This is Macau’s third mutual evaluation since joining the APG in 2001, which currently has a membership of 41 jurisdictions and several international and regional observers.
Other News: Construction Site Safety Improvements
In other news, Leong expressed sadness over recent fatal incidents on construction sites in Macao and offered condolences to the families of the victims. In response to the incidents, the government has taken swift action:
- Issued 31 suspension notices
- Imposed 101 fines
- Suggested 150 safety improvements after inspecting more than 550 construction sites across Macau
The government has also held meetings with the construction sector, professional groups, and labor associations to strengthen occupational safety at all sites and enhance safety training.