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Macau’s Bank Secrecy Laws and Regulations Under Scrutiny
In its latest assessment, Macau has been found to be mostly compliant with international standards on bank secrecy laws and regulations. The report, released by the Financial Action Task Force (FATF), evaluated Macau’s implementation of technical requirements aimed at preventing money laundering and terrorist financing.
Assessing Risk and Applying a Risk-Based Approach
Macau was found to be largely compliant in this area, indicating that it has implemented measures to assess the risk of money laundering and terrorist financing. However, some improvements are needed to strengthen its risk assessment framework.
- Implement more robust risk assessments
- Enhance the accuracy and reliability of risk information
National Cooperation and Coordination
The report noted that Macau has made significant progress in enhancing national cooperation and coordination among law enforcement agencies, regulatory bodies, and financial institutions. This is a major step forward in ensuring effective implementation of anti-money laundering and counter-terrorist financing measures.
- Strengthen communication and information sharing between government agencies
- Enhance collaboration with international organizations
Money Laundering Offence
Macau was found to be compliant in this area, indicating that it has criminalized money laundering and established effective penalties for those who engage in the practice.
Confiscation and Provisional Measures
The report noted that Macau is compliant in this area, having implemented confiscation and provisional measures to freeze and seize assets linked to money laundering and terrorist financing.
Terrorist Financing Offence
Macau was found to be largely compliant in this area, indicating that it has criminalized terrorist financing and established effective penalties for those who engage in the practice.
Targeted Financial Sanctions
The report noted that Macau is compliant in this area, having implemented targeted financial sanctions related to terrorism and terrorist financing.
Non-Profit Organisations
Macau was found to be largely compliant in this area, indicating that it has implemented measures to regulate non-profit organisations and prevent their use for money laundering or terrorist financing.
Financial Institution Secrecy Laws
The report noted that Macau is compliant in this area, having implemented financial institution secrecy laws that are consistent with international standards.
Customer Due Diligence
Macau was found to be compliant in this area, indicating that it has implemented customer due diligence measures to prevent money laundering and terrorist financing.
Record Keeping
The report noted that Macau is compliant in this area, having implemented record-keeping requirements for financial institutions to maintain accurate and up-to-date records.
Politically Exposed Persons
Macau was found to be compliant in this area, indicating that it has implemented measures to regulate the activities of politically exposed persons and prevent their use for money laundering or terrorist financing.
The report highlighted several areas where Macau needs to improve its implementation of bank secrecy laws and regulations. These include:
- Strengthening its risk assessment framework
- Enhancing national cooperation and coordination
- Improving its regulation and supervision of financial institutions