USDOS – US Department of State (Author)
Macau is a member of the Asia-Pacific Group on Money Laundering, a Financial Action Task Force (FATF)-style regional body. Terrorist financing is a criminal offense in Macau, and banks and other financial institutions are obliged to continuously search for terrorist financing networks and screen accounts using U.S. designation lists, as well as the UN 1267/1989 and 1988 Sanctions Committees' consolidated lists . Filing suspicious transaction reports irrespective of transaction amounts was obligatory, but Macau lacks mandatory reporting requirements for cross-border currency movements or large currency transactions. Macau is a member of the Egmont Group of Financial Intelligence Units. In May, Macau hosted the Asia Pacific Regional Review Group meeting under the FATF's International Cooperation Review Group. The U.S. Financial Crimes Enforcement Network attended this meeting.
For further information on money laundering and financial crimes, we refer you to the 2011 International Narcotics Control Strategy Report (INCSR), Volume 2, Money Laundering and Financial Crimes: http://www.state.gov/j/inl/rls/nrcrpt/index.htm.