CHINA Macao passes all FATF technical compliance recommendations to combat money laundering

CHINA

Macao passes all FATF technical compliance recommendations to combat money laundering

Xinhua

12:51, October 06, 2019

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File photo: CGTN

MACAO, Oct. 6 (Xinhua) -- China's Macao Special Administrative Region (SAR) has passed all technical compliance recommendations by the Financial Action Task Force (FATF), the Financial Intelligence Office of the SAR government said in a press release recently.

The assessment was made by Asia/Pacific Group on Money Laundering (APG), an international organization on anti-money laundering and terrorist financing. It concluded in its latest report that Macao has passed all 40 FATF technical compliance recommendations, according to the press release by the SAR government on Friday.

The FATF, also an intergovernmental organization founded in 1989, aims at combating global money laundering and terrorist financing.

This report also provides a summary of Macao's anti-money laundering and combating the financing of terrorism measures.

The report has been adopted by all APG members in August and has undergone a stringent review process by the FATF and its global members, to ensure the quality and consistency of the evaluation standard.

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