Secretary for Economy and Finance Lionel Leong Vai Tac said during his opening speech delivered yesterday at the 24th Egmont Group Meeting that the Macao Financial Intelligence Office (GIF) has signed 20 co-operation agreements with fellow financial intelligence units (FIUs) since the GIF’s establishment, including those in Asia Pacific, Eurasia, Europe and North America regions.
GIF joined the Egmont Group in 2009 to become one of its 150-plus members, according to the Secretary.
“The effective sharing of information through the Egmont Secure Web platform has undoubtedly multiplied the knowledge of the GIF and law enforcement agencies of Macau in these years, in their analysis and investigation of suspicious money laundering and other predicate crimes,” said Secretary Leong.
Macau was under audit by the Asia Pacific Group (APG) on AML/CFT last year, recently revising its laws for AML/CFT (Anti-Money Laundering and Countering Financing of Terrorism) which became effective in May.
By the end of the year, the city will also implement a cross border cash declaration system, in line with international practices, while in 2016, the Asset Freezing Regime was passed.
The Secretary also indicated that the APG Mutual Evaluation Report of Macau will be adopted in the APG Annual Meeting.
More than 350 delegates from over 110 member financial intelligence units gathered in Macau to attend the meeting at the Conrad Macao Hotel to discuss AML/CTF issues of common interest and share experiences in FIU matters.