Macau agrees to exchange financial information with UK, US and Russia

Macau has signed memorandums of understanding with the United States, Russia and the United Kingdom, to exchange financial information as part of a joint effort to curb and prevent money laundering crimes, as well as the possible financing of terrorism activities.
According to data published by Macau’s Financial Intelligence Office (GIF), MSAR recently signed agreements with the Financial Crimes Enforcement Network of the United States of America, the Russian Federation’s Federal Financial Monitoring Service, and the United Kingdom’s Financial Intelligence Unit.
GIF has already signed protocols of cooperation with China, Portugal, Hong Kong, South Korea, Indonesia, the Philippines, Thailand, Japan, Malaysia, Singapore, Fiji Islands and Australia.
According to recent data published by GIF, between January and June last year Macau recorded 877 notices of suspicious transactions related to money laundering or the financing of terrorism activities, 100 more than in the first six months of 2013. 76 of these cases were referred to the Public Prosecutions Office (MP) for investigation.
75.6 percent of the complaints referred to transactions relating to the casino industry, followed by complaints regarding the financial sector, banking, and insurance companies (24.3 percent).
Data from 2014 is due to be released in May.