Macau’s government is preparing to overhaul its anti-money laundering framework by introducing tighter controls on virtual assets, strengthening transparency rules for companies and giving judges powers to suspend suspicious financial transactions in real time, according to local media outlet Tribuna de Macau, which had access to the consultation document.
The proposed legislation, now under sectoral consultation, aims to align Macau’s legal framework with international standards set by the Financial Action Task Force (FATF). If approved, it would replace the current anti-money laundering regime, which has been in place since 2006.
According to the consultation document cited by the newspaper, the draft law would introduce legal definitions for virtual assets, including cryptocurrencies, as well as for virtual asset operators. These operators would be required to obtain a valid license before carrying out activities in Macau and could face administrative fines if they operate without authorization.
The proposal would also allow authorities to treat virtual assets as “goods or advantages derived from unlawful acts,” enabling them to be frozen if linked to criminal activity.
The draft law would also broaden the scope of money laundering offenses to cover preparatory acts against state security, general fraud and computer fraud. It would introduce special procedural measures, including mechanisms to monitor bank accounts, gaming accounts, payment accounts and virtual asset accounts. Judges would be allowed to temporarily suspend certain operations to help intercept illegal fund transfers.
The government also plans to create a central register of beneficial ownership, aimed at improving corporate transparency and reducing the risk of legal entities being used for money laundering or illicit financing. The proposal would ban shell banks and anonymous accounts, safes or instruments.
Banks, gaming operators and other covered entities would be subject to stricter preventive obligations, including customer due diligence, reviews of suspicious transactions, internal reporting channels and record-keeping requirements. Documents related to customer due diligence and compliance would have to be retained for at least 15 years.
The draft also includes stronger protections for whistleblowers and new requirements for non-profit organizations to verify the origin and destination of funds to reduce the risk of terrorist financing.
Implementation would be phased, with rules related to the beneficial ownership register and corresponding sanctions taking effect later, allowing time for preparatory work.
