U.S. Department of State Country Reports on Terrorism 2005 - Macau

In October, Macau submitted to its Legislative Assembly a new counterterrorism bill aimed at strengthening counterterrorist financing measures. The bill, drafted to implement the provisions of UNSCR 1373, would make it illegal to conceal or handle finances on behalf of terrorist organizations. Individuals would be liable even if they were not members of designated terrorist organizations themselves. The legislation would also allow prosecution of persons who commit terrorist acts outside of Macau and mandate stiffer penalties.

The government also submitted a money laundering bill to the Legislative Assembly that, if passed and enforced, would strengthen its oversight. Macau's financial system is governed by the 1993 Financial System Act and amendments, which lay out regulations to prevent use of the banking system for money laundering. The new bill imposes requirements for the mandatory identification and registration of financial institution shareholders, customer identification, and external audits that include reviews of compliance with anti-money laundering statutes.

Financial regulatory authorities continued to direct financial institutions to conduct searches for terrorist assets using U.S. and UN lists. Bank examiners reviewed customer profiles, large cash transaction records, and suspicious bank reports. They also interviewed frontline staff, senior management, and money laundering compliance officers.


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