Macau sees a 30% increase in suspicious transaction reports from casinos

Macau casino operators reported a sharp increase in suspicious transactions in the first nine months of 2024, with over 3,000 reports filed, an increase of 30% according to official information compared to the same period last year.

A total of 3,041 suspicious transactions were reported by casinos between January and September, up from 2,335 reports in 2023. The increase was also reflected in other sectors, including finance and insurance companies, which saw a 36.6% increase with 843 reports. Meanwhile, 234 suspicious transactions were reported by other institutions, an increase of 3.5%.

Overall, the number of suspicious activity reports rose by 29.6% across all industries year-on-yeara rise that officials attribute to more reports from the gambling and financial sectors.

The rise in suspicious activity comes as Macau prepares to toughen its stance on illegal currency exchanges. Lawmakers are expected to pass new laws this week that could give offenders prison sentences of up to five years for engaging in illicit money exchange practices.

The move is part of Macau’s broader measures Efforts to tighten financial crime regulations.

Macau’s Legislative Assembly (AL) is set to vote on a new law to combat illegal gambling activities following the conclusion of discussions by the AL’s second standing committee. The proposed law, which would tighten regulations and introduce harsher penalties, will be put to a final vote later this month.