Macau shows good progress in addressing AML deficiencies; Complies with AML recommendations
Macau secured a positive technical compliance rating on all 40 FATF recommendations from all members

As per the reports, MSAR (Macau Special Administrative Region) has become the first member of the APG to secure a positive technical compliance rating on all 40 FATF recommendations from all members assessed globally.

Macau, which had joined the APG in 2001, has made some significant progress in addressing the compliance deficiencies. In 2018, country registered 3,716 suspicious transactions, up 20.45% from 2017, whereas, in the first three quarters of this year, Macau registered 2,089 suspicious transactions, down 32.2 percent year-on-year from the same period of 2018.

FATF reviewed the first report on MSAR’s progress to ensure it complies with international standards and has no loopholes.

While most complaints were received by the gaming operators (1,382 reported), the financial sector and other institutions have helped the nation to strengthen its compliance policy.

As per the GIF, the numbers of suspicious transactions reported by the FI and other institutions have helped the nation to fight against money laundering and other financial crimes.

Source – Macau Business

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