Reported suspicious money laundering and terrorist financing transactions fall in 2019

The Financial Intelligence Office (GIF) announced today that the number of suspicious money laundering and terrorist financing transactions reported in 2019 dropped 20.8 per cent year-on-year to 2,941.

The department attributted the fall to the significant decrease in the number of transactions reported by financial or insurance institutions – which saw reports fall 21.5 per cent year-on-year to 880 – and with reports by other entities falling 70.8 per cent to 148.

The number of suspected transactions reported by the gaming sector represented more than half of all reported transactions, about 1,913, with this number having decreased by 8.3 per cent year-on-year.

In October of last year, the Asia/Pacific Group on Money Laundering (APG) announced that its report on Macau had been reviewed and approved by all members of the group, with the SAR considered to have made good progress in addressing its anti-money laundering ‘deficiencies’.

The report indicated that Macau has made good progress in ‘addressing the technical compliance deficiencies identified in its 2017 mutual evaluation report, including through drafting revised legislation and guidelines’, and has been upgraded on three Financial Action Task Force (FATF) recommendations.