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Casino Operators To Culminate Illegal Money Exchange In Macau

Casino Operators To Culminate Illegal Money Exchange In Macau
Casino Operators To Culminate Illegal Money Exchange In Macau

Government stated that the representatives of Macau casino industry ensured to illegal currency exchange at city’s casino.

The representatives of the gaming sector in a meeting said that they will coordinate against illicit activity and ensure checks by security department to culminate this trade.

According to government, there was decline of this suspicious activity in 14 casinos attributed to the efforts of regional police. It added that 1000 persons were “intercepted” from this illegal activity.

Macau’ Secretary of security, Wong Sio Chak addressed to media that 3050 outsiders had been captured by the Macau police due to involvement in this illicit business. These 3050 persons were deported any other action taken against them is not clearly mentioned. Most of the reported cases were from China.

Government stated, “Some of this alleged illicit activity had also been linked to other forms of crime such as scamming and robbery, posing a serious threat to community security and the operations of Macau’s casinos.”

Liaison With Mainland Casinos

Police officers stated in a meeting held on Friday that they will allocate more rules and increase intelligence exchange with law enforcing agencies to prevent the illegal currency exchange on the Chinese mainland. In the meantime, police aim to get in touch with local gaming operators to restrict illegal activities.

Several investment analysts analyzing gaming industry stated the possible reason for this illegal money exchange might be cheaper service charges on their transactions than offered by banks. Or this could be done to prevent the currency export control of China.

In January 2018, there is a restriction of CNY100000 limit per year per person imposed on Chinese mainland on using ATM’s. In December 2016, imposed a restriction of MOP5000 or HKD5000 on transactions from ATM’s on Chinese mainland debit/credit cards.

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Harry Matthew

Harry Matthew

Harry serves as a resident reporter for Casino Buzz. He has been responsible for building the content base and forms the core reporting strategies for the website. Along with reporting, Harry is an amazing baseball player with good record at university level. He can be reached at hm@casino.buzz

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