The 12th “Joint Meeting on Prevention and Suppression of Financial Crimes”
The Financial Intelligence Office of the Unitary Police Service (GIF) has marked its 7th year of successful “Public-Private Partnership” implementation, fostering a stable relationship with the banking sector. On 25 November 2024, GIF hosted its 12th “Joint Meeting on Prevention and Suppression of Financial Crimes” to strengthen the effectiveness on preventing and combating crimes of money laundering and terrorist financing (“AML/CFT”) in Macao. During the meeting, representatives of GIF presented data on suspicious transaction reports in Macao, comprehensively analyzed recent typologies and trends of suspicious transactions in the financial sector, and discussed the latest international standards for AML/CFT. Through experience sharing and information exchange, GIF aimed to enhance the vigilance of banking sector against risks of financial crime and deepen their understanding of prevention and combat measures thereof.
Meanwhile, the ceremony for the 2nd“Outstanding STR Case Award” was simultaneously held to recognize exceptional suspicious transaction report (STR) cases. Various banks actively contributed STR cases this time, leading to keen competition. The winner of the “Best STR Case” award this year was Hang Seng Bank Limited, Macau Branch, while Bank of China (Macau) Limited and Industrial and Commercial Bank of China (Macau) Limited jointly shared the “Outstanding STR Case” award. GIF extended warm invitations to the representatives of awarded banks to present their identification and analysis processes, preventive measures taken, typologies and insights gained from the STR cases. Through the above ceremony, GIF anticipated to motivate reporting entities and practitioners to improve the quality of suspicious transaction reporting and reinforce internal control measures of the banking sector against money laundering and terrorist financing. Hence, a strengthened protective network will be developed through the partnership between the public and private sectors.
The productive meeting and recognition ceremony provided a platform for in-depth discussions among participants regarding compliance practices and evolving global trends of money laundering. Participating institutions unanimously agreed the importance of public-private collaboration, in achieving effective monitoring of different types of financial transactions by regulatory authorities and financial institutions, and attaining the mutual goal of preventing and combating financial crimes. Participants of the meeting comprised GIF representatives, led by Director, Chu Un I and Deputy Director, Fong Iun Kei, alongside approximately 40 banking sector representatives, including compliance officers and staff from all banks.
