The Asia Pacific Group on Money Laundering (APG) has given Macau a positive rating for its anti-money laundering efforts.
Asia Gaming Brief reports that a statement from the Financial Intelligence Office contained in its 2017 Mutual Evaluation Report (MER), which evaluates jurisdictions based on Anti-Money Laundering and Terrorist Financing (AML/CFT) measures, read, “licensing controls are robust in the Macau gaming sector for both concessionaires/sub-concessionaires and junket promoters.”
The autonomous region on the south coast of China has been the recipient of praise for its application of AML / CFT measures to include junket promoters, who bring VIP and high rollers to the gambling enclave, and their formal collaborators.
Under the current regime, a double-scrutiny system is used by the Government of the Macau Special Administrative Region (SAR) for junket promoters, where the Gaming Inspection and Coordination Bureau (DICJ) initiates separate requirements for market entry/licensing for junket promoters as well as their former collaborators, along with concessionaires/sub-concessionaires’ due diligence.
Additionally, once a year, industry training with a thematic topic/objective is provided to the gaming sector by DICJ.
While Macau’s efforts applying AML / CFT measures were lauded, the government did, however, note that “understanding of the updated AML/CFT obligations and ML/TF risks in the junket promoter sector could be further improved,” according to Asia Gaming Brief.
In related news, recently, Kwok Chi Chung, the leader of the trade organization that represents Macau’s many junket operators, reportedly said that the government’s financial requirements for junket promoters are less than what they should be and need to be tightened.