Money laundering  | Group refutes Macau’s notorious reputation

A new group of anti-money laundering specialists has claimed that foreign media have perpetuated a false image of Macau as a money laundering haven, which does not reflect the reality of the city.

The Macau Anti-Money Laundering Specialists Association, which was founded over the weekend, denied that Macau was a “haven for money laundering,” according to a report by public broadcaster TDM.

Lao Chak Kuong is the leader of the association, which comprises more than 400 members accredited by the Association of Certified Anti-Money Laundering Specialists.

“I don’t agree that Macau is a haven for money laundering,” he told TDM. “Don’t forget we have a relatively complete legal system here in Macau, and it has gotten better.”

The association president denied that a city built on gambling is necessarily reliant on money laundering, and called on local media to help unravel the city’s notorious reputation for the illicit activity.

“It is hard to control foreign media,” he said. “As for local media, you all should be aware of the situation in Macau. Be positive, as I said in the address: let’s polish the region’s anti-laundering image.”

“A city with gambling as its main industry is not necessarily a money laundering haven,” he added, before continuing on to say that laundering money through casinos would not be easy.

The Legislative Assembly recently approved a bill updating Macau’s anti-money laundering legislation.