Financial Crime World

Macau Strives to Strengthen its Fight Against Money Laundering

Introduction

The Macau Anti-Money Laundering Specialists Association (MAMLSA) has taken significant strides in combating money laundering and terrorism financing in the region. The association, established with the support of local banking sectors and industry players, aims to promote international professional standards and develop a stable economic growth for Macau.

Mission Statement

According to MAMLSA’s mission statement, the organization will strive to:

  • Unite anti-money laundering officers
  • Set up professional education training
  • Create knowledge platforms
  • Strengthen exchange and study with academic groups at home and abroad to improve Macau’s image in anti-money laundering

Members and Initiatives

MAMLSA has made significant progress, with over 500 members exceeding the required threshold of being certified as Anti-Money Laundering Specialists (CAMS). Members come from various industries, including finance, insurance, gaming, accounting, auditing, law, higher education, news media, and more. This cross-industry and cross-institutional exchange has created a robust knowledge-sharing platform.

APG Evaluation Praises Macau’s Efforts

During the 2019 APG evaluation, Macau was recognized as the first jurisdiction to achieve full compliance with all 40 Financial Action Task Force (FATF) recommendations. This achievement demonstrates the effectiveness of MAMLSA’s efforts in promoting international professional standards.

Highlights of MAMLSA’s Work

The association has organized various initiatives to promote its objectives, including:

  • Training and Professional Development: Since 2019, MAMLSA has held annual seminars on “Enhancing Anti-Money Laundering/Counter-Financial Crime Practical Tools and Techniques” and provided training courses to enhance the professional knowledge of its members.
  • Consultation and Guidance: MAMLSA has consulted with various government departments and anti-money laundering units to provide guidance and exchange information about Macau’s anti-money laundering work.
  • Knowledge Sharing and Experience Exchange: In 2018, MAMLSA sent representatives to participate in an APG pre-evaluation forum held in Taiwan, while in 2019, it organized a delegation to attend the “11th Asia-Pacific Anti-Money Laundering Yearbook” in Singapore.
  • Professional Development and Community Service: Since 2018, MAMLSA has cooperated with the Macau University of Science and Technology (MUST) to establish an International CAMS Examination Center, providing certification for anti-money laundering specialists. In addition, it has invited ACAMS instructors to provide pre-examination training courses.

Future Development Directions

In the future, MAMLSA plans to:

  • Enhance Professional Standards: To further improve Macau’s anti-money laundering capabilities, MAMLSA will hold the “12th Anti-Money Laundering/Counter-Financial Crime Yearbook” in 2022.
  • Promote Public Awareness and Professionalization: MAMLSA aims to collaborate with community organizations to launch public lectures on anti-money laundering, using case studies to raise awareness among residents about the risks of being exploited by illicit activities.
  • Enhance Campus Anti-Money Laundering Promotion: To promote anti-money laundering education in schools, MAMLSA will continue its “Anti-Money Laundering Goes into Schools” program, working with the Education and Youth Affairs Bureau (DSEJ) and the Public Security Police Force to increase students’ awareness of anti-money laundering.
  • Support Research on Anti-Money Laundering: MAMLSA has assisted MUST in launching a master’s degree course on “Financial Crime and Regulation” and will continue to provide professional roles and research guidance to further enhance local anti-money laundering research.