01 Jul 2019
Macau has “not been taking a relaxed attitude” towards the issues of anti-money laundering (AML) and combatting the financing of terrorism, said the head of the city’s casino regulator at a major conference on those topics, held in Macau on Thursday.
The regulator, the Gaming Inspection and Coordination Bureau, also known as DICJ, had instead been “refining its supervision of the industry,” said Paulo Martins Chan (pictured), the body’s director.
He was speaking in Cantonese – with simultaneous translation – at the start of the ACAMS Inaugural Macau Symposium, an event for professionals in the field of supervision or with an interest in the topic. The acronym “ACAMS” stands for the Association of Certified Anti-Money Laundering Specialists LLC.
Mr Chan added some remarks delivered in English to the several hundred delegates present at the event at the MGM Cotai casino resort.
He said that despite having had some experience of handling money laundering cases, he had faced a lot of work to learn more about the field once he was at the gaming bureau. Mr Chan worked for 17 years in public prosecutions in Macau prior to his current job which he took up three years ago.
He asserted that the “very favourable results” of the mutual evaluation of Macau’s AML effort – conducted by the city’s government and the Asia/Pacific Group on Money Laundering (APG) – had been the product of the “effort of the members of the Macau government as well as our gaming sector and the other people that had contributed”.
The result of the evaluation – conducted in late 2016 and including visits to the city by APG officials – was announced in mid-2017.
It had said “sound, risk-based supervision” was being undertaken in Macau’s gaming sector, but that there was also a need for better understanding among the Macau VIP gambling promoters – third parties licensed by the Macau government – of the city’s updated local rules on money laundering and on terrorism financing risk.
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