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Macao nods anti-money laundering law
(Xinhua)
Updated: 2006-03-25 11:33 Macao's Legislative Assembly
(LA) has approved a bill on the prevention and repression of money laundering,
local media reported on Friday.
The Macao Post Daily quoted LA sources as saying that the article-by-article
vote took 40 minutes on Thursday following several weeks of discussions.
The 12-article bill lists a string of businesses and professions that are
obligated to fight money laundering, including credit institutions, financial
agencies, currency exchanges and casinos, according to the newspaper.
The bill requires a prison term ranging from two to eight years if the money
laundering charges are convicted, the sources were cited.
A Macao-based bank in 2005 was alleged by the United States authorities for
being involved in a money-laundering case, which put the region under the
international spot light.
The government of the Macao Special Administrative Region has since spared no
effort to stress its determination in combating money laundering crimes.
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