The APG Plenary Meeting was held in Perth, Australia from 23rd to 26th July at the Perth Convention and Exhibition Centre. Over 280 participants from 34 member jurisdictions and other observer jurisdictions and international organizations attended this meeting. The 10-person Macao delegation was led by Financial Intelligence Office, with members from the Monetary Authority of Macao, Gaming Inspection and Coordination Bureau, International Law Office, Macao Trade and Investment Promotion Institute, Judiciary Police and Unitary Police Service.

The report indicates that Macao SAR has made strong commitment towards implementing laws and institutional bodies to enhance its compliance with the international standards of anti-money laundering (AML) and counter-financing of terrorism (CFT).

The assessment by APG and OGBS was based on the revised assessment methodology of Financial Action Task Force (FATF), which evaluates AML/CFT standards in different areas such as legal system, institutional framework, supervision and oversight, implementation of preventative measures, law enforcement and international cooperation. Out of the FATF 40 Recommendations and the 9 Special Recommendations on Counter-Financing of Terrorism, Macao SAR is fully compliant and largely compliant with 7 and 20 recommendations respectively. Only one of the Special Recommendations is considered non-compliant in the area of cross-border control of cash couriers.

The report is very positive and recognizes the strong efforts of Macao SAR Government and its latest development in the fight against money laundering and terrorist financing. Macao SAR Government has agreed to publish the report, which will be uploaded to the APG website for public access.

The APG is an FATF-style Regional Body established in February 1997 with the aim to facilitate the adoption, effective implementation and enforcement of internationally accepted standards against money laundering and the financing of terrorism, in particular the Forty Recommendations and Nine Special Recommendations on Terrorist Financing of the FATF. Its missions include assisting jurisdictions in the region to enact laws criminalising the laundering of the proceeds of crime and the financing of terrorism, as well as laws dealing with confiscation and forfeiture of the proceeds of crime, mutual legal assistance and extradition. The APG assists jurisdictions to effectively implement comprehensive preventative measures for the financial sector as well as certain other businesses and professions. The APG also assists jurisdictions to establish coordinated systems for reporting and investigating suspicious transaction reports and to develop effective capacities to investigate and prosecute money laundering and the financing of terrorism offences.

At present APG has 36 members, including Solomon Islands, Nauru and Laos PDR which have just been admitted in this Plenary Meeting. According to the membership mandate of APG, all members have to enact laws on AML/CFT and commit to complying with the FATF 40+9 Recommendations on AML/CFT. Macao SAR entered the APG as full member in 2002.

The Macao SAR Government has taken strong efforts to implement AML/CFT measures since its membership in APG. New laws on AML/CFT were passed in April 2006 to criminalize money laundering and terrorist financing and incorporate the necessary customer due diligence measures as well as suspicious transaction reporting (STR) requirements to fight against money laundering and terrorist financing. Supervisory agencies and professional body, including the Monetary Authority of Macao, Gaming Inspection and Coordination Bureau, Finance Services Bureau, Macao Economic Services, Legal Affairs Bureau, Macao Trade and Investment Promotion Institute, the Independent Commission for the Exercise of Disciplinary Power over Solicitors and Macao Lawyers Association, are designated with responsibilities of oversight on financial institutions and a wide range of non-financial entities. The Financial Intelligence Office was also established on 8 August 2006 to receive, analyze and disseminate STR information.

The MER indicates the great progress of Macao SAR in different areas. However, there are certainly challenges ahead, in particular regarding the implementation of laws, regulations and guidelines. Nevertheless, the MER result is encouraging and the MSAR Government will take continuous efforts in the fight against money laundering and financing of terrorism.