The efforts by China's Macao Special Administrative Region (SAR) in cracking down on money laundering and terrorist financing were lauded by international organizations, Macao's Financial Information Office said on Wednesday.
The Asia-Pacific Group on Money Laundering (APG), an international organization on anti-money laundering and terrorist financing, on Wednesday adopted a report on Macao SAR at its annual meeting which was held in Colombo, capital of Sri Lanka.
Macao SAR obtains six substantial ratings among 11 effectiveness outcomes, which ranks it among the higher tier of APG members, according to the evaluation methods stipulated by the Financial Action Task Force (FATF), the international standard-setting body of anti-money laundering, counter-financing of terrorism and combating of proliferation financing, the report said.
According to the report, sound risk-based supervision is undertaken in the two most significant sectors - the gaming sector supervised by Macao's Gaming Inspection and Coordination Bureau and the financial sector supervised by the Monetary Authority of Macao SAR.
The Macao SAR has also enhanced international cooperation in such areas as money laundering, legal assistance and intelligence, the report said.
