In order to continue enhancing the professional knowledge of Macao’s accounting sector in the field of anti-money laundering/combating the financing of terrorism (AML/CFT), the Director of the Financial Intelligence Office (GIF) was invited by the Professional Committee of Accountants of Macao and the Macau Institute of Management as the keynote speaker at the course “Money Laundering and Terrorist Financing Risk Assessment in the Accounting Sector” on 22nd September 2023.
Pursuant to Law no. 2/2006 “Prevention and suppression of the crime of money laundering”, as amended by Law no. 3/2017, Administrative Regulation no. 7/2006 “Preventive measures for the crimes of money laundering and financing of terrorism”, as amended by Administrative Regulation no. 17/2017, and the “Guidelines for the prevention and suppression of money laundering and financing of terrorism for auditors, accountants and tax advisers” published by the Financial Services Bureau (DSF) in 2019, accountants and tax advisers are obliged to carry out preventive obligations when exercising their professional activities and providing company services to clients. The course aims to provide accounting professional and entities with an understanding of money laundering risks associated with their sector and the criteria for conducting risk assessment. The course provides explanation to the accounting sector in establishing an effective mechanism for self risk assessment in accordance with the requirements set out in the Administrative Regulation and Guideline, so as to implement appropriate risk mitigation measures and to enhance the risk resistance and flexibility of the sector.
The course was fully subscribed, with around 80 representatives of the accounting profession attending. Accounting practitioners exchanged views with the Director of GIF on the practical application of risk assessment and other preventive measures. GIF expects to promote communication and cooperation with the accounting sector through various channels, in order to jointly prevent and intercept serious financial crimes and money laundering activities in the future.