The Financial Intelligence Office (GIF) has always been committed to cooperate and communicate with financial sector to enhance the effectiveness on the prevention and suppression of money laundering and terrorist financing. GIF held “The 8th Joint Meeting on Prevention and Suppression of Financial Crimes” on 17th December 2021, with a total of 31 representatives from Macao Postal Savings and all banks in Macao attended the meeting. Participants included the compliance officers and employees responsible for compliance work.

During the meeting, Director Chu Un I, Deputy Director Fong Iun Kei and other representatives from GIF discussed various statistical data on AML/CFT in Macao, as well as an in-depth introduction on the trends in suspicious transactions and FATF requirements on virtual assets and virtual assets service providers, and also an informative sharing on the revised FATF standards on risk assessment of proliferation financing. The topics covered not only to let participants to have a better understanding on the latest revision of AML/CFT standards, but also to build up a more comprehensive AML/CFT mechanism for Macao.

In summary, “The 8th Joint Meeting on Prevention and Suppression of Financial Crimes” has had fruitful results, with both parties agreeing that public services and financial sectors should strengthen cooperation to enhance AML/CFT preventive measures and to ensure that financial transactions are closely monitored by various departments and financial sector, in order to further prevent and suppress financial crimes.

“The 8th Joint Meeting on Prevention and Suppression of Financial Crimes”

Representatives from financial sector exchanged opinions during the meeting