Authorities in Macau to review AML/CFT laws in gaming

The government of Macau is considering updating AML/CFT laws due to concerns about money laundering.

Macau.- Authorities in Macau are analysing the possibility of updating laws, regulations and guidelines regarding anti-money laundering/counter financing of terrorism (AML/CFT) in the gaming industry amid ongoing concerns about money laundering. 

A working group established to look at the issue discussed the impact of recent revisions of international AML/CFT standards during its first plenary meeting. It also discussed the requirements for the transparency of beneficial ownership of legal persons and legal arrangements to prevent criminals from concealing illegal activities and fund flows through complex corporate structures.

Money laundering in the gaming industry has been an issue in Macau’s junket crackdown. Previously, the Congressional-Executive Commission on China reported that $202bn in illegally sourced funds moved through Macau each year before the Covid-19 pandemic, including money laundering through casinos. 

Macau recorded fewer gaming-related crimes last year, according to the Macau Judiciary Police’s 2022 work report released in February. However, “Money Exchange Fraud” was still reported as a common problem, with police intercepting over 3,500 “Money Exchange Gang” instances last year.