Following a recommendation of the Financial Action Task
Force on Money Laundering (FATF) regarding cross-border
regulatory cooperation, the Monetary Authority of Macau (AMCM)
and the People's Bank of China entered into the Memorandum of
Understanding on the Prevention of Money Laundering and
Terrorist Financing (MoU).
The MoU was signed during the meeting of the Asia Pacific
Group on Money Laundering that took place in Macau, one of its
members. It intends to strengthen the exchange of supervisory
and regulatory information and the cooperation in the relevant
supervision proceedings under the laws of Macau and China and
with the standards of the FATF.
Being part of the anti-corruption campaign firmly adopted by
the president of the PRC, the MoU also implements a reporting
mechanism for money laundering from Macau to Beijing. It also
facilitates the exchange of information between the Special
Administrative Region and the mainland.
Macau, as an Asian gambling mecca, has long been seen as a
money laundering blackspot. However, the recent stock-market
turmoil and the growing strain in the Chinese economy trigged
greater scrutiny on the sector, including restrictions in card
On top of the anti-corruption measures, the recent ban on
smoking in casinos does not seem to please gamblers and is
surely contributing to the downturn of the gaming revenues. On
the other hand, the ease of the visa policy does not seem to
alleviate the problem.
As conveyed before, Macau has been increasingly enforcing
measures to prevent activities of money laundering and
financing of terrorism, including with the guidelines issued
last year by the AMCM in accordance with the recommendations
prepared by the FATF.
The implementation of the MoU will further enhance and
support the supervisory system and the prevention actions of
the AMCM by increasing collaboration to detect, avoid and
control money laundering.
Pedro Cortés and Marta Mourão