Macau gov’t explores ways to tackle unauthorized money exchange activities

The Macau government is now considering ways to stop illegal money exchange operations, which are common on casino floors and in the surrounding areas. Macau’s Secretary for Administration and Justice, André Cheong Weng Chon, said during a Legislative Assembly meeting that although the government first thought of including the problem in the modification of the Illegal Gambling Regime (Law No.8/96/M), it is currently being looked at in the context of the financial system as a whole.

The recently amended Financial System Act, which became effective on November 1, according to Secretary Cheong, does not specifically include any provisions making illicit money exchange operations illegal. He continued by saying that the administration is investigating the situation and choosing whether to file criminal charges. He did, however, emphasize the need to carry out a comprehensive inquiry to ensure that any statutory limitations put in place do not impede individuals’ regular currency exchange activities.

The government is dedicated to addressing the issue via an appropriate legislative framework, even if it is possible that the proposed adjustment to the illegal gaming regime would not address banned money exchange transactions. It is expected that the administration would present the legislation to the Legislative Assembly as part of its ongoing efforts to control various aspects of the regional gaming industry.

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Original story by: GGRAsia