In order to strengthen the financial risk management and control measures as depicted in the “Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area”, GIF visited the AML Bureau of the People's Bank of China (PBOC) and the China Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC) in September last year. Aside from that, to further deepen Guangdong-Macao cooperation on financial development of the Greater Bay Area and to strengthen the prevention of money laundering risk arising from cross-border capital flows, the Director of GIF Ms. Connie Chu, together with member of the Board of Directors of AMCM Ms. Henrietta Lau and Deputy Director of the Baking Supervision Department of AMCM Ms. Doreen Pun, and other delegates from GIF and AMCM went to Zhuhai on 8th January 2020 to meet with the representatives from PBOC, including PBOC Guangzhou Branch Counsel Li SiMin and AML Division Director Li Bo, President Long Yong of Zhuhai Central Sub-Branch, and AML Division Director Liu Zhong of Shenzhen Central Sub-Branch.

The meeting mainly focused on the establishment of a long-term cooperation mechanism between Guangdong and Macao in relation to the mitigation of money laundering risk, including the exchange of information on supervisory measures and control of money laundering risks, the exploitation of monitoring model and joint working model for cross-border capital flows, so as to continuously improve the alert and monitoring abilities of financial institutions in the Greater Bay Area in the prevention of cross-border money laundering crimes.

With the new opportunities brought by the development of the Guangdong-Hong Kong-Macao Greater Bay Area, the rapid capital flows between the regions could lead to greater demand for new financial products and payment methods. Aside from bringing new business opportunities to the financial industry, these new products may also derive new cross-border financial risks, including money laundering risk.

GIF will actively cooperate with the Greater Bay Area’s and local supervisory agencies, by deepening cooperation and communication with these authorities, and contribute in the implementation of the national development of the country. While promoting the diversification of Macao’s economy, GIF will also enhance the effectiveness of prevention and control on cross-border money laundering risk, with an aim to maintain the financial stability, financial security and public safety of Macao.