Macau to sign anti-money laundering MOU with Russia

The government of Macau is negotiating with the Russian executive body, the Federal Financial Monitoring Service, a Memorandum of Understanding for the exchange of finance information in order to prevent anti-money laundering and combat the financing of terrorism. In yesterday’s Official Gazette, the Chief Executive of Macau, Fernando Chui Sai On, conceded full powers for the Secretariat for Economy and Finance, Francis Tam Pak Yuen, to sign an agreement in the name of the government. Macau has already signed such agreements with authorities from China, Hong Kong, Japan, Singapore, Indonesia, Thailand, Malaysia, Fiji and Australia. The Russian Federal Financial Monitoring Service is a federal executive body aimed at combating the legalisation (laundering) of proceeds from crime and the financing of terrorism, and coordinating activities of other federal executive bodies that deal with money laundering activities.