Macau | Secretary of Security Office to oversee Financial Intelligence Office

The government announced that in order to better fight transnational crime development and money laundering administrative changes will place the Financial Intelligence Office under the Office of the Secretary for Security instead of the Secretary for Economy

Macau (MNA) – The Macau government Executive Council announced on Friday that it has approved an administrative change for the Financial Intelligence Office (GIF) to be overseen by the Office of the Secretary for Security instead of being under the Secretary for Economy.

The MSAR Government created the Financial Information Office (GIF) in 2006 in order to comply with international standards to fight money laundering and terrorist financing, with the department responsible for the collection, analysis and dissemination of information concerning reports of suspected money laundering or terrorist financing transactions.

In the first half of this year, a total of 2,187 suspicious transactions possibly connected to money laundering or the financing of terrorism were reported to GIF, with 60 being forwarded to the Public Prosecutor’s Office for investigation.

‘In view of the experience accumulated over the years, together with the opinion of international organizations on the evaluation of GIF in the past, the Macau SAR government considers that GIF should strengthen coordination with law enforcement agencies in the area of ​​security, information and data in order to respond to the trend of transnational crime development and to better identify the risks posed by money laundering to further improve coordination in combating these specific crimes,’ authorities indicated.

The switch will become effective the day after these administrative changes are published at the Official Gazette.

 

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