Macau | Suspicious transactions reported by financial institutions and insurance companies up 50 pct y-on-y in 2018

The number of suspicious transactions reported by financial institutions and insurance companies in the Macau SAR increased 50 per cent y-on-y to 1,122 reports

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Macau (MNA) – The number of suspicious transactions reported by financial institutions and insurance companies in the Macau SAR increased 50 per cent year-on-year for the whole of 2018, totalling 1,122 reports vis-a-vis 746 in 2017, the latest data released by city’s Financial Intelligence Office (GIF) has revealed.

The total number of suspicious transaction reports reported in 2018 increased 20.4 per cent when compared to the year prior to 3,716.

Suspicious transaction reports received from the gaming sector during last year amounted to 2,087 or 56.1 per cent of the total, but remaining virtually stable since 2017.

Entities covered by the preventive measures for the crimes of money laundering and financing of terrorism law enforced in 2006 and revised in 2017 are required to report suspicious transactions within two working days following the performance of such operations to the GIF.

Fines for failure to report are considered administrative offence, punishable with fines ranging between MOP10,000 (US$1,237) and MOP500,000, or between MOP100,000 and MOP5 million, depending on whether the offender is a natural or legal person.

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