Tuesday, December 1, 2020

Macau to sign agreement with World Bank Group over money laundering risk assessment

-

Secretary for Security Wong Sio Chak was granted powers by the Chief executive to sign a Reimbursable Advisory Services Agreement Concerning Risk Assessment of Money Laundering and Terrorism Financing Risks with the International Bank for Reconstruction and Development.

The lending arm of the World Bank Group, the International Bank for Reconstruction and Development is an international financial institution headquartered in Washington, D.C., United State.

- Advertisement -

Considered the world’s largest development bank, IBRD provides financial products and policy advice to help countries reduce poverty and extend the benefits of sustainable growth to all of their people.

According to an Official Gazette dispatch published today (Wednesday), the agreement can be signed by the Financial Intelligence Office (GIF).

- Advertisement -

In October of last year, the Asia/Pacific Group on Money Laundering (APG) announced that its report on Macau had been reviewed and approved by all members of the group, with the SAR considered to have made good progress in addressing its anti-money laundering ‘deficiencies’.

Since late April of this year, GIF Director, Connie Chu Un I, has also been formally appointed as the Co-chair of the Asia/Pacific Joint Group (APJG), a regional sub-group of the International Cooperation Review Group (ICRG) which is responsible for establishing sanction and monitoring lists under the Financial Action Task Force (FATF), an international anti-money laundering organization.

Accoridng to GIF data, the number of suspicious money laundering or terrorism financing transactions reported in Macau in the first nine months of this year has dropped by 20 per cent year-on-year to some 1,663 reports.

MUST READ

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

- Affiliate Products -

Advertisement

Latest News

This Week

Apple defends security chief accused of bribery in Santa Clara weapons scandal

Apple defended its chief security officer after he was charged with bribery for allegedly offering to donate hundreds of iPads to the Santa Clara County Sheriff's Office...

Spokane health clinic owner charged with $5 million Medicaid fraud

The owner of a health clinic based in Spokane, Washington, is facing charges of theft and money laundering after investigators alleged fraudulent Medicaid billing...

Former Cincinnati council member Tamaya Dennard gets 18 months prison in corruption case

Former Cincinnati City Council Member Tamaya Dennard was sentenced on Tuesday for her part in what federal authorities say is a “culture of corruption”...

OxyContin maker Purdue Pharma pleads guilty to fraud and kickback in U.S. opioid crisis probe

Purdue Pharma LP pleaded guilty to criminal charges over the handling of its addictive prescription painkiller OxyContin, capping a deal with federal prosecutors to...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    OK No thanks