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.

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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).

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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.


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