Macau Yearbook 2013 - Macao Yearbook

EconomyCooperation between China and Portuguese-speaking Countries was established in Macao inaccordance with Executive Order No. 33/2004, on the foundation of the Preparatory Office forChina–Portuguese Speaking Countries Economic and Trade Co-operation Forum, establishedin 2003. It focuses on providing administrative and resources support to the secretariat, whichpromotes the development of economic and trade relationships between China and Portuguesespeakingcountries, based on Macao’s role as an economic and trade services platform. Since itsestablishment, the supporting office has diligently assisted the work of the Permanent Secretariat,particularly in promoting mutual visits between the senior officials of China (including Macao)and Portuguese-speaking countries, initiating joint development of human resources, facilitatingeconomic and trade investments, exploring new areas of cooperation, and demonstrating the roleof Macao as a commercial and trade services platform.In 2012, the supporting office worked in tandem with the Permanent Secretariat to continue tofollow up on the post-meeting stage of the first, second and third Ministerial Conference of theForum for Economic and Trade Cooperation Between China and Portuguese-speaking Countries,pressing forward development in various areas and fully demonstrating the service platformfunction of Macao.Financial Intelligence OfficeIn response to trends in international developments, on 29 July 2006 the Chief Executive issuedOrder No. 227/2006 to establish the Financial Intelligence Office.The Financial Intelligence Office is an independent department, directly under the Secretariatfor Economy and Finance. It is responsible for collecting and analysing information regardingmoney-laundering and terrorist-financing as well as providing such information to authorities.Starting from November 2006, the Financial Intelligence Office has been receiving reports onsuspicious transactions. In 2012, it received more than 1,800 reports. After analysing and processingthem, the office reported some of the cases to the Public Prosecutions Office. Most of the entitiesthat submitted those reports were in the finance sector or the gaming sector, while some were inthe real estate or the retail sectors. This indicated that, over time, the Financial Intelligence Office’sefforts to educate the general public had proven effective.Macao is a member of the Asia-Pacific Group on Money Laundering (APG), which conducteda comprehensive assessment on Macao’s progress in 2006. After thorough examinations, the APGapproved the evaluation report on Macao in 2007, and found the SAR’s performance in combatingmoney laundering satisfactory, an encouraging assessment. In 2012, the Financial IntelligenceOffice continued to closely follow up with various Government departments regarding progresswith implementing the report’s recommendations, and reported to the APG regarding the latestsituation. Also, the Financial Intelligence Office and various regulatory authorities discussed howto revise the laws and rules against money laundering and terrorism financing to meet internationalrequirements. It also made recommendations to the Government on ways to improve the legalsystem concerning money laundering and terrorism-financing.Locally, the Financial Intelligence Office is responsible for coordinating the efforts of theinterdepartmental task force on money laundering. The task force members included the MonetaryAuthority, the Gaming Inspection and Coordination Bureau, the Economic Services Bureau, the197