Secretary for Economy and Finance, Mr Leong Vai Tac, meets the press.
The Secretary for Economy and Finance, Mr Leong Vai Tac, said the Government would soon introduce internal guidelines to improve monitoring of the gaming industry, in an effort to promote a healthy development of the sector. The guidelines are intended to increase transparency and strengthen regulation of the sector, he said. The new guidelines might include requirements for gaming promoters to disclose more information, including the names of its administrators, shareholders, principal employees and a list of its collaborators. Speaking to reporters after the plenary session of the city’s Economic Development Council on 22 September, Mr Leong said that if the guidelines prove to be effective, the Government would consider turning them into administrative regulations or laws. The Secretary added that the Government is also considering defining staff in charge of financial operations of gaming promoters as principal employees; as a way to ensure that such positions are held by qualified professionals. Commenting on the case of an alleged fraud involving a gaming promoter, Mr Leong said the Government is highly concerned about the incident. He also stressed that existing legislation clearly states which institutions are authorised to accept deposits from the public. The healthy development of gaming promoters’ activities is important to the overall evolution of the city’s gaming industry, the official said. In view of the rapid development of the gaming industry in recent years, it is necessary to review and optimise the existing regulation, he added. At the plenary session of the Economic Development Council, members addressed several subjects, including Macao’s current economic situation and prospects, the investment of the financial reserve and the establishment of a task group to study the economic development of the city’s traditional neighbourhoods.