Unauthorized currency conversion can result in fines of up to MOP10 million

The Monetary Authority of Macao (AMCM) has announced that it recently conducted investigations, in collaboration with the Judiciary Police (PJ), at six shops primarily serving foreign workers in the Avenida de Horta e Costa area, the central district, and Taipa. Preliminary findings suggest that some shops are suspected of illegally converting patacas paid by customers into foreign currencies via overseas e-wallets or bank accounts, thus engaging in unlawful cross-border remittances. AMCM warns that providing illegal currency exchange services could lead to fines ranging from MOP500,000 to MOP5 million, with a maximum penalty of MOP10 million.