Macau to introduce new law criminalising illegal money exchange in casinos
The new provision, if passed, will impose a penalty of up to five years' imprisonment.
The Macau Government has announced the inclusion of a new provision that would criminalise illegal money exchange in casinos.
According to Macau news reports, the provision would be introduced into the draft of the Law to Combat Gambling Crimes, aimed to curb illicit financial practices linked to gambling; unlicensed money exchange in casinos would fall under this category.
The new provision would impose penalties of up to five years’ imprisonment and a two-to-10-year ban from entering any casino in Macau for offenders.
The announcement was made by Legislator Chan Chak Mo during a committee meeting. The final reading for the draft is expected by the end of 2024, as efforts to enhance regulatory integrity in Macau’s gaming industry continue.
The decision to criminalise unlicensed money exchange has been expected, after a major crackdown against illegal money exchange started earlier this year, led by the Chinese Government.
Analysts had been concerned that the crackdown might affect Macau’s revenue for the period.
However, Macau’s Gaming Inspection and Coordination Bureau (DICJ) showed that Macau’s gross gaming revenue reached an 11.6% year-on-year increase and an increase of 5.1% month-on-month, with a sum of MOP$18.6bn (US$2.31bn) by July 2024.
This shows positive outlook for Macau’s gaming sector despite all the happenings that threatened the sector’s stability, from small-time casino-related crimes to organised crime syndicates.
Aside from curbing illegal financial practices within the gaming industry, lawmakers have also urged gaming concessionaires to enforce the protection of worker welfare.
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