Wong Sio Chak conferred with power to sign anti-laundering agreement for Macau

Secretary for Security, Wong Sio Chak, has been conferred with the requisite authority to sign, on behalf of the Macau Special Administrative Region, the Reimbursable Advisory Services Agreement Concerning Risk Assessment of Money Laundering and Terrorism Financing Risks.
The decision, made in the form of an Executive Order by Chief Executive Ho Iat Seng, was announced yesterday in the Official Gazette.
As stated in the Gazette, Wong was also conferred with the authority to transfer that requisite power to the director of the Financial Intelligence Office, currently Chu Un I.
The other signing entity is the International Bank for Reconstruction and Development (IBRD), an institution under the World Bank. The IBRD is a global development cooperative owned by 189 member countries. As the largest development bank in the world, it supports the World Bank Group’s mission by providing loans, guarantees, risk management products and advisory services to middle-income and creditworthy low-income countries, as well as by coordinating responses to regional and global challenges.
Although detailed stipulations of the agreement have not yet been published or announced, it is likely that the agreement concerns Macau requesting services from the World Bank in terms of assessing the risks of money laundering and terrorism financing in Macau.
Currently, most international laws and regulations concerning matters and actions against money laundering and terrorism are in force in Macau, for example, the United Nations Convention Against Corruption and the United Nations Convention Against Transnational Organized Crime. AL