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Celebration Dinner for the Fifth Anniversary of the Financial Intelligence Office, Macao SAR


The Financial Intelligence Office (Portuguese acronym "GIF") held an official dinner on 9th August 2011 at the Plaza Restaurant in celebration of its 5th Anniversary. In the Anniversary Dinner, Ms. Deborah Ng Man Seong, the Director of GIF, highlighted the works done in the AML/CFT (Anti-Money Laundering and Counter Financing of Terrorism) regime in the past 5 years. She denoted that with the continuous coordination and support from the inter-departmental Anti-Money Laundering (AML) Working Group members, GIF would keep on exerting its greatest effort to enhance its existing financial intelligence monitoring and data collection system, so as to cope with the ever-changing money laundering and terrorism financing trends, as well as the more stringent and rigid supervision standards from international organizations. Mr. Francis Tam, Secretary for Economy and Finance, representatives from the inter-departmental AML Working Group, including the Independent Commission for the Exercise of the Disciplinary Power over Solicitors, Public Prosecutions Office, Commission against Corruption, Unitary Police Service, Macao Customs Service, Legal Affairs Bureau, Law Reform and International Law Bureau, Economic Services Bureau, Financial Services Bureau, Gaming Inspection and Coordination Bureau, Macao Trade and Investment Promotion Institute, Monetary Authority of Macao and Judiciary Police, and representatives from other government departments including the Secretary for Security, the Identification Bureau and Macau Lawyers Association were cordially invited to attend this Anniversary Dinner. Ms. Deborah Ng depicted that GIF was formed in 2006 as a Financial Intelligence Unit to analyze suspicious transactions and disseminate useful intelligence to law enforcement agencies and competent authorities. Up to the second quarter of 2011, the total number of STRs received accumulates to about 5,000, 36% of which are from Financial Institutions and 64% from non-Financial Institutions and other entities. Since the Asia/Pacific Group on Money Laundering (APG) / Offshore Group of Banking Supervisors (OGBS) mutual evaluation in 2006 and the adoption of the report in 2007, the Macao SAR government has been fully engaged in the implementation of the recommendations given in the Mutual Evaluation Report. A special AML Working Group consisting of all relevant supervisory and law enforcement agencies was assigned with the coordination role for follow up with the implementation work, and lots of progresses have been made throughout these 5 years, including but not limited to setting-up of secured and reliable database and analysis systems, assistance in capacity building of the law enforcement agencies, building up of cooperation and information exchange mechanisms among the GIF, law enforcement agencies and supervisory agencies, and international cooperation through active participation in international events, as well as signing cooperation agreements with foreign counterparts. In 2009, GIF entered the Egmont Group which is an international body for the Financial Intelligence Units and provides a platform for information exchange among members. Up to the moment, GIF has already signed "Memorandum of Understanding (MOU)" for cooperation with 10 jurisdictions including Mainland China, Portugal, Hong Kong SAR, Korea, Indonesia, the Philippines, Thailand, Japan, Malaysia and Singapore.

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