The Financial Intelligence Office (GIF), as the coordinating agency of the Interdepartmental Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) Working Group, held the third plenary meeting this year on 12 December 2023.  The main agenda items discussed were the endorsement process of the latest “ML/TF/PF risk assessment report of the Macao SAR” and the formulation of the subsequent outreach work plan.

Meanwhile, the Working Group members exchanged views during the meeting on the revised Recommendations of the Financial Action Task Force, an international anti-money laundering organization, and discussed the impact of the revision of international standards on Macao SAR.  This included the needs to promote transparency of beneficial ownership of legal persons and legal arrangements, as well as to improve measures such as asset freezing, seizure and confiscation.  GIF would continue to study the need for revision of relevant laws, regulations and guidelines, and make policy proposals to the Macao SAR Government through the Working Group mechanism.

All members of the Working Group sent representatives to attend the meeting.  Among the 14 member agencies were the Public Prosecutions Office, the Commission against Corruption of Macao, the Unitary Police Service, the Macao Customs Service, the Legal Affairs Bureau, the Monetary Authority of Macao, the Gaming Inspection and Coordination Bureau, the Macao Economic and Technological Development Bureau, the Financial Services Bureau, the Judiciary Police, the Public Security Police Force, the Housing Bureau, the Independent Committee for the Exercise of Disciplinary Power over Solicitors and the Financial Intelligence Office.  Participants included directors, department heads and other operational staff.

The AML/CFT/CPF laws and works of the Macao SAR aim to protect the integrity of Macao’s financial system and to prevent criminals from using Macao’s financial system to commit money laundering or other financial crimes.  The strategic objectives of the Working Group include a comprehensive review of the current legal framework and international standards to ensure the smooth operation and timely enhancement of the system/mechanism.  At the same time, the Working Group coordinates with the public and private sectors and utilize the resources of international organizations to jointly prevent and combat money laundering and related predicate offences, with an aim to play an active and effective role in law enforcement, supervision and policy implementation.