Monetary Authority of Macao and People’s Bank of China entered into MOU on Prevention of Money Laundering and Terrorist Financing

In accordance with the recommendations advocated by the Financial Action Task Force (FATF) on cross border regulatory cooperation, the Monetary Authority of Macao (AMCM) and the People’s Bank of China (PBC) entered into the “Memorandum of Understanding on Prevention of Money Laundering and Terrorist Financing” (“MOU”). The AMCM and the PBC, in line with the relevant laws and regulations of the Macao SAR and the Mainland respectively, as well as the standards of the FATF, shall strengthen the exchange of regulatory information and the cooperation in the relevant aspects of supervision. The AMCM has been exerting efforts in enforcing the prevention of activities of money laundering and terrorist financing. The implementation of the MOU shall further enhance and strengthen the management of the prevailing supervisory system to prevent the activities of money laundering and terrorist financing in the financial sector of the Macao SAR.