The new task force was described as a body to maintain and promote "the security and stability of financial markets” and contribute "towards national financial security and stability,” said the body in a press release.
The announcement followed a meeting in Macau between senior officials of the three institutions. One of the objectives of the alliance is to promote effective measures against money laundering and the financing of terrorism, added the release.
"As the financial regulator of the Macau SAR, the Monetary Authority of Macao… has remained steadfast in its commitment to financial security and financial stability,” the financial regulator said.
The release additionally said that the Financial Security Expert Alliance would make good use of "Macau’s unique environment to accumulate practical experiences in regard to financial security”.
A recent focus for the Macau government has been to tighten controls on the large volumes of money flowing through the city’s casinos via VIP gambling.
In November last year, Macau’s Executive Council announced proposed changes to two 2006 laws dealing with, respectively, anti-money laundering and combating the financing of terrorism. The changes were approved by Macau’s Legislative Assembly earlier this month.
In a separate statement also on Friday, the Hong Kong Monetary Authority also stated its "determination” to fight serious financial crime and money laundering, in a sign of a more co-ordinated approach by the two regions and authorities in the mainland.
Source: GMB / GGR Asia
