Suspected money laundering cases drop 31%

The SAR government has recorded a drop of 31.2% in the number of suspected money laundering cases, down to 947, during the first half of the year compared to the same period last year.
Data from the Financial Intelligence Office shows that the decrease was mainly due to the drop in suspicious transactions reported by the city’s casinos and finance sector.
Gaming operators recorded a drop in such cases from 966 to 464, accounting for 49% of the total number of suspected money laundering cases from January to June.
Cases from financial institutions and insurance companies also dropped to 332 reports, making up just 35% of all cases. The other 151 reports were received from other institutions.
Institutions are obliged to report any transactions equal to or greater than 500,000 patacas to the authorities.
The authorization of the Financial Intelligence Office has been extended for two years, until August 2022.
Inaugurated in 2006, the office is responsible for “collecting, analyzing and providing [to agencies] intelligence related to money laundering and terrorism financing.” The office was opened to comply with international actions against terrorism and money laundering. LV

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