Recently, Macau has seen a significant decrease in illegal foreign exchange activities, largely due to vigorous enforcement measures by both local and mainland Chinese authorities. Wong Sio Chak, Macau's Secretary for Security, highlighted this development during a press briefing. The crackdown has primarily targeted "money exchange gangs" operating without licenses in or around the city's casinos, frequently servicing individuals intent on using these exchanges for gambling. This effort has included collaboration with China's Ministry of Public Security, which initiated a campaign against such activities in May, alongside Macau's Judiciary Police's operations called "ant eradication".
Impact of New Legislation
During the recent briefing, Mr. Wong elaborated on the impact of legislation that went into effect on October 29, called the Law to Combat Crimes of Illegal Gambling. This law criminalizes unauthorized money exchange activities linked to gambling, reinforcing previous government efforts by further deterring illicit exchange operations and bolstering the security within Macau's casino environments. From late October to November, local police seized substantial amounts of currency and gaming chips. Between January and September, before the new law's implementation, Macau police intercepted 2,835 suspected money touts and issued bans to most of them, with the local casino regulator, Gaming Inspection and Coordination Bureau, also recommending the exclusion of some individuals from casinos.
Crime Trends and Future Measures
The report from Wong's office further highlighted crime trends related to these unlicensed operations, noting that scams often involving counterfeit banknotes or fraudulent remittance schemes were common. Gaming-related crimes in Macau rose by 42.6% in the first nine months of the year compared to the same period previously, yet remained significantly lower than pre-pandemic figures around 2019. Although scams and usury were the most frequent offenses, their numbers were still less than in 2019. The removal of COVID-19-related travel restrictions also saw a shift in loansharking activities, now predominantly carried out by individuals rather than organized groups. Authorities in Macau continue to focus on these vulnerabilities, ensuring sustained vigilance in combating illegal financial activities connected to the gaming industry.
Source: Macau illicit FX dwindling amid crackdown: security chief, GGRAsia, November 28, 2024.
Posted by Wizard
Nov 28 2024
Nov 28 2024
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