|Pedro Cortés||Marta Mourão|
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 payments.
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
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