Jewellery and luxury car businesses should consider any transaction over MOP300,000 (US$37,500) made without the use of promissory notes, checks or credit cards to be of high risk of money laundering or terrorism financing, and should demand client identification for any transaction above MOP120.000, according to a dispatch by the Macao Economic Services (DSE), published in the Official Gazette yesterday. In order to reinforce identifying procedures any documents related to client identification or any representative for the transaction should be kept for a minimum period of five years and should always be available for review, with the involved businesses having the obligation to inform the MSAR Financial Intelligence Office within a maximum of two days, notes the release.
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