Money laundering group makes positive assessment

The local delegation attending the meeting

Macau received a positive assessment in the Asia Pacific Group on Money Laundering (APG) Mutual Evaluation Report (MER) 2017. The report was discussed yesterday in the annual meeting of APG, which is being held in Colombo, Sri Lanka.

Macau’s positive results were received in respect of its technical compliance with legal frameworks as well as its effectiveness in implementing  measures against money laundering, and terrorist financing.

According to the report, licensing controls are robust in the Macau gaming sector for both concessionaires and junket promoters. The MER states that Macau has applied the international standard-setting body of anti-money laundering (AML) and counter-financing of terrorism (CFT) measures, including licensing as well as ‘fit and proper’ test requirements to include junket promoters and their formal collaborators.

In addition, the Gaming Inspection and Coordination Bureau (DICJ) in Macau has set up a double-scrutiny system for the market entry of junket promoters. The DICJ undertakes separate market entry and licensing requirements for junket promoters and their formal collaborators.

Moreover, DICJ provides industry training once every year to the gaming sector with a thematic topic and objective.

According to a statement from the Financial Information Office, the Macau government is taking a more stringent approach towards the licensing and supervision of junket promoters, which are subject to AML and CFT requirements. The statement claims that the government will continue to improve and strengthen supervision of the gaming sector, and require its continuous attention to and compliance with AML and CFT.