Press Release

Seminar on Anti-Money Laundering/Combating the Financing of Terrorism

 in Financial Sector

To enhance our efforts in anti-money laundering (AML) and combating the financing of terrorism (CFT), the Monetary Authority of Macao (AMCM) conducted a seminar on AML and CFT on 19 July 2007 (Thursday) at Lotus Room, 5/F of World Trade Centre, Macau.  The main theme was “AML in Financial Supervision”.  The speakers were senior officials of supervisory and judiciary authorities from Hong Kong and professionals from prominent financial institutions operating in Macao.

Teng Lin Seng, Chairman of the Board of Directors of AMCM addressed the audience in the inauguration ceremony.  He reviewed the series of AML measures adopted by Macao since the beginning of the nineties last century.  He emphasized that in line with the globalization of economic activities, the rapid economic development and territorial integration had posed new money laundering risks.  To this end, since the return of Macao to the Motherland, the SAR Government attached much weight to AML efforts.  We had invited thrice international organizations to appraise Macao in this respect in a specific and comprehensive manner.  The results of the appraisals were published.  At the same time, a trans-departmental AML co-ordination and working unit was formed, specific AML/CFT legislations were promulgated, a financial intelligence office was created.  These measures enlarged the scope of AML/CFT which covered not only financial sector and gaming but also included solicitors, notaries, accountants, tax consultants, traders of articles of high value, real estate agents, corporate services providers and off-shore companies.  These measures have enabled our AML/CFT efforts to be aligned with recognized international standards.

The seminar was attended by 180 delegates including the chairmen and presidents of Macao Association of Banks, Macao Insurers Association, Macao Insurance Agents and Brokers Association, Federation of Macao Professional Insurance Intermediaries, Association of Macao Financial Employees; representatives from relevant enforcement authorities, AML officers of all Macao financial institutions and their senior staff responsible for AML, related officials of all Government agencies.

Monetary Authority of Macao

19 July 2007