Combating Money Laundering
and Corruption
CHINA TARGETS ILLEGAL MONEY FLOWS
TO MACAU
China has launched a crackdown on illicit
money flows to Macau as part of efforts to combat money laundering and
corruption, the South China Morning Post reported.
The mainland’s Ministry
of Public Security held a meeting with Macau regulators last month to address
criminal activities related to the use of mainland bank cards and point-of-sale
terminals in Macau.
The Monetary Authority
of Macau will meet the city’s bankers next month to discuss a new system that
will allow the mainland’s Ministry of Public Security to access all
transactions through China UnionPay bank cards.
The Monetary Authority
also asked banks to provide information of high-risk businesses, such as shops
that sell watches, jewelry, wine, dried seafood and pharmaceuticals, which use
the China UnionPay bank card system.
Reuters reported in May
that Macau had banned the use of UnionPay cards at luxury goods stores inside
casinos starting July 1 to combat illegal transactions and money laundering by
mainland visitors. The visitors usually swipe their UnionPay cards to make fake
purchases then withdraw cash to dodge the mainland’s currency control and
anti-money laundering rules.
Chinese
authorities fear that the UnionPay cards terminals are being used by corrupt
officials to send money out of the country, according to Reuters.
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