Fernando Vitória, Rui Cunha (center) and Óscar Madureira
Legal experts Fernando Vitória and Óscar Madureira, who on Tuesday launched a book entitled “Gambling Law in Macau,” believe that the city’s gaming laws remain up to date, but also that regulations on junket promoters could be improved.
Speaking on the sidelines of the book launch at the Rui Cunha Foundation, Mr Vitória said that junkets, who act as middlemen for high rollers, should work under an Ethics Code.
“There are obviously aspects that could be perfected, namely regarding junkets. There’s indeed a need to have more up-to-date regulations, or even the drafting of an ethics code for [junket] professionals,” he told reporters.
Mr Vitória clarified that such an ethics code should be a document drafted specifically for junket professionals that could also be ratified by the government. “The government could participate in its drafting, but should outline something for the junkets. All professions have an ethics code, which is equally or sometimes even more important that current legislation in force,” he added.
Mr Vitória, who serves as the legal adviser to the Macau Gaming Inspection and Coordination Bureau, stressed that Macau’s gambling law and regulations remain up to date, but could be subject to improvements, namely when it comes to the means by which junkets access funding sources.
“[Regarding junkets] There’s a couple of things that could be improved. One aspect that could be perfected relates to how the law foresees access to funding sources that they need. With an economic downturn, there’s a need to safeguard that aspect, ensuring that they’re not left without regular funding sources – for instance, access to the stock exchange,” he recalled.
The co-author of the book, Óscar Madureira, shares a similar opinion, stating that current legislation could be improved to better regulate junkets.
“But of course the framework of that improvement needs to be thoroughly assessed, as it’s better not to amend [a law] at all than making bad amendments,” he recalled.
Mr Madureira acknowledged that the gaming promoters’ financing scheme is a pressing issue.
A junket group operating out of Wynn’s casino in Macau may have lost as much as HKD2 billion from embezzlement, Bloomberg reported last week. The case has sparked controversy and furthered debate regarding junket regulation.
The junket operator Dore, which acts as a middleman for high rollers, has confirmed that it has been the victim of internal fraud by a former employee.
Asked if Macau’s gaming middlemen industry is particularly vulnerable to fraud and money-
laundering, Madureira said, “This type of crime could be perpetrated within any professional activity, be it banking, a shop, a restaurant (…).”
The “Gambling Law in Macau” book is available in Portuguese, and, according to Mr Vitória, was intended to assist not only legal professionals, but also anyone looking for information on gaming regulations in an accessible compilation.
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