The Financial Intelligence Office, as the coordinating agency of the Interdepartmental Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) Working Group, held the first plenary meeting this year on 29 March 2023. The main agenda items discussed were the summary of the 3rd round ML/TF/PF risk assessment of the Macao SAR and the outreach work plan for 2023. Another topic of discussion was the latest revisions of international AML/CFT standards and their impacts to Macao SAR. During the meeting, latest requirements for these revised standards were discussed, which include promoting transparency of beneficial ownership of legal persons and legal arrangements to prevent criminals from using complex corporate structures to conceal illegal activities and fund flows. The Working Group would consider the need to revise the relevant laws, regulations and guidelines according to the revision of the latest international standards on AML and CFT.
Participating member agencies included the Public Prosecutions Office, the Commission against Corruption of Macao, the Unitary Police Service, the Macao Customs Service, the Legal Affairs Bureau, the Monetary Authority of Macao, the Gaming Inspection and Coordination Bureau, the Macao Economic and Technological Development Bureau, the Financial Services Bureau, the Judiciary Police, the Public Security Police Force, the Housing Bureau, the Independent Committee for the Exercise of Disciplinary Power over Solicitors and the Financial Intelligence Office.
In order to refine the AML/CFT/CPF policies of Macao SAR and ensure the steady growth and diversified development of the local economy, the Interdepartmental AML/CFT Working Group has formulated the Second Five-Year AML/CFT/CPF Strategic Plan (2021-2025). Under the Strategic Plan, member agencies develop an annual work plan for the implementation of relevant action items. Strategic objectives include the continuous improvement of relevant legal and institutional framework, fostering local and international partnerships, promoting parallel financial investigations, and strengthening the enforcement of asset confiscation and recovery of proceeds of crime.