Macau’s new gambling law to address illegal money exchange
The jail term for currency conversion offences will range from one month to five years.
Macau.- The proposed Law on Combating Illegal Gambling Crimes will include measures addressing illegal money exchange, reversing a previous decision to leave the issue out of the bill. Chan Chak Mo, the head of the AL’s Second Standing Committee, said that under new amendments, unauthorised money changers could face sentences ranging from one month to five years in prison.
They could also be banned from casinos for between two and 10 years. The proposed provision also covers hotels and performance venues that are ancillary to an integrated resort.
The draft legislation, intended to replace the existing Illegal Gambling Law (Law 8/96/m), passed its initial reading at the Legislative Assembly of Macau in February and is expected to reach the legislature for a final vote before the end of the year.
In May, authorities in Macau reported a 122 per cent increase year-on-year in gambling-related crimes in the city in the first quarter of the year. Fraud accounted for 21.7 per cent of cases, with 76 instances, followed by loan sharking at 17.9 per cent. Cases involving illegal money exchange were still strongly associated with fraud.
