Macau, mainland authorities disrupt RMB3 billion illicit forex trading

In a significant crackdown, China’s Ministry of Public Security announced that joint operations with Macau authorities have led to the detention of 252 suspects involved in unauthorized currency exchange activities. The ministry estimates that the illicit trading network was valued at approximately RMB3 billion.

According to a press release from the ministry, these operations targeted 19 suspected syndicates operating across Nanchang city in Jiangxi province, Zhuhai in Guangdong, and Macau.

Authorities believe around 300 individuals are linked to these criminal groups, which reportedly include family and friends working together. The suspects are accused of executing remote orders to withdraw cash from banks and connect with underground financial networks, facilitating currency trading in and around Macau’s casinos and hotels.

The ministry noted that these criminal activities have been ongoing for years, with an escalation in recent years posing a serious threat to Macau’s security. Reported crimes associated with the illicit forex trading network include scams, robberies, and illegal immigration.

The recent enforcement actions, described by the ministry as analogous to an “ant eradication,” underscore the extensive efforts being made to dismantle these criminal enterprises. Of the detained individuals, 57 were identified by Macau police as mainland residents and have since been handed over to their respective authorities.

In response to the ongoing issue of unauthorized money exchange, the Macau government is proposing legislation to criminalize such activities within all casino areas. Discussions on this proposal are set to continue in the Legislative Assembly. This initiative aims to enhance regulatory control and combat the rising tide of illicit financial transactions in the region.