“Macau’s position as a major international gambling centre makes it a potential site for money laundering and terrorist financing activities,” says the US State Department. In its latest “Country Reports on Terrorism 2009”, published last week, the US State Department notes several progresses made by the Macau authorities to fight back money laundering and terrorist financing activities, but stresses that there is still a lot to do. “Macau authorities have taken steps to improve compliance with suspicious transactions reporting requirements in banks, casinos, and professional associations, but the threshold reporting limits remain well above international norms,” it is said in the report. The territory also “does not have reporting requirements for cross-border currency movements”.
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