Benjamin Chan and Chu Un I become new heads of gov’t financial sector

Benjamin Chan

Chu Un I

Benjamin Chan and Chu Un I were sworn in yesterday as the new president of the Monetary Authority of Macau (AMCM) and the new coordinator of the Financial Intelligence Office (GIF) respectively.

The new financial sector heads took office yesterday at noon in an inauguration ceremony officiated by the Secretary for Economy and Finance, Lionel Leong.

In his speech, Chan, while thanking the chief executive and the secretary for the trust they placed in him, said that after the period of adjustment over the past three years, the region is now faced with the new challenge of the “tighter monetary policies being placed in developed countries” that cause “fluctuations in the international financial environment.”

For Macau, such fluctuations may indicate the “beginning of a cycle of rising interest rates.”

Chan possesses wide experience in the field of finance and has previously occupied several positions within AMCM. According to him, his goal is to maintain close cooperation with all AMCM staff in order to “articulate the area of financial supervision with the government’s scientific action by implementing relevant missions that aim to guarantee the stability and security of the financial and monetary system of Macau SAR.” In addition, he endeavors to contribute to efforts to “boosting the stable and healthy development of the local financial sector” and “keeping and upvaluing the monetary assets [of the] MSAR.”

After Chan concluded, Chu thanked the leaders for the opportunity to be elected as the new coordinator for GIF. In this position, Chu’s main goal is to ensure the implementation and development of the Anti-money Laundering and Counter-Terrorist Financing Legislation and Regulations (AML/CFT regime).

Chu promised to lead the GIF in efforts to “continue to follow the latest trends in this [AML/CFT] area and keep close cooperation with foreign counterparts in order to strengthen the exchange of financial information.”

Leong noted the extensive experience and academic qualifications of the new heads. In respect to the challenges expected to face AMCM, he hinted: “In view of the fact that the financial sector of the territory has entered a new phase of development, and in order to better guarantee the security of Macau’s financial system, and to foster the development of the financial industry with its own characteristics, it is necessary for the AMCM to make a longer-term plan that matches the real needs of the territory.” He noted that Chan is the right choice for such a task.

Similarly, Leong said Chu was the right person to continue the work by former coordinator Deborah Ng, who was recently praised by the Asia/Pacific Group on Money Laundering.

Leong reaffirmed the need for continued efforts to match “the international community’s efforts to combat money laundering and terrorist financing.”