Macau to partner with mainland China in combating illegal money changing activities

Macau seeks to strengthen cooperation with mainland China in order to combat illegal money exchanges in the city. Macau’s Secretary for Security, Wong Sio Chak, indicated a desire for increased collaboration and intelligence sharing with mainland Chinese authorities to combat “illicit money exchange gangs” operating near casinos.

During a meeting between Macau officials and a delegation from China’s Ministry of Public Security, Mr. Wong briefed Vice Minister Chen Siyuan on local law enforcement efforts to combat internet and telecommunications fraud, as well as unauthorized casino-related currency exchange activities.

The issue arises because the majority of wagers in Macau casinos are made in Hong Kong dollars, while a large number of customers originate from mainland China, which has stringent restrictions on the amount of Chinese yuan that can be taken across the border per trip. In recent years, unauthorized currency exchange on gaming floors or near casinos has been linked to numerous crimes, including money laundering, assaults, and even homicides, making it a major security concern in Macau.

To address this issue, the government of Macau is contemplating the possibility of criminalizing illegal money exchanges. Vice Minister Chen Siyuan reaffirmed the commitment of mainland China to support Macau’s efforts to combat illicit activity.

The action emphasizes the ongoing efforts to maintain security and integrity in Macau’s gaming industry, which is essential for the region’s reputation as a premier gaming destination. Enhanced collaboration with mainland authorities is anticipated to buttress these efforts and improve the city’s regulatory measures.

Original story by: GGRAsia