Mainland China launches new crackdown on Macau’s illegal money exchanges
- Beijing is seeking to break the ‘entire industry chain’ related to the illegal money exchange business in the casino hub of Macau
- The central government sees managing financial risks, including illegal financial activities and tightening money outflow, as critical for the country’s future development
Mainland Chinese officials have called for a crackdown on the illegal money exchange business in its casino hub of Macau in a step to further tackling illegal gambling and underground money laundering.
A national-level special planning meeting aimed at drawing together resources was held by the Ministry of Public Security in Beijing last week, according to a People’s Daily report on Monday.
Illegal money exchanges – unauthorised currency exchange or loan sharks – have been expanding rapidly, and often involve other illegal activities, including increasing violence, scams and smuggling that have “seriously affected social stability” in the city, authorities said.
Strengthened border checks, increased coordination to capture fugitives and deepening investigative work on a nationwide level to trace the sources and break the “entire industry chain” of the criminal syndicates would be carried out, the authorities added.
They also called for closer cooperation with the city’s police.
Beijing has been tackling illegal gambling, money laundering and the underground banking network as part of a long-running campaign in Macau, which is the only region in China where casino gambling is allowed.
