Macau’s Judiciary Police have arrested four local men in connection with an illegal money exchange syndicate that allegedly handled HK$300 million ($38.4 million) in transactions since November 2023.
The arrests reflect the authorities’ ongoing crackdown on unauthorized money exchange operations linked to gambling activities in the territory.
The suspects, aged between 30 and 32, included three individuals who claimed to be unemployed and a fourth who described himself as a watch purchasing agent. Police seized cash and gambling chips worth HK$1.55 million ($198,000) during raids conducted in the Cotai and Taipa areas.
The criminal group allegedly earned approximately HK$10 million ($1.28 million) in profits from facilitating these illegal transactions. Their operations reportedly began shortly after new legislation criminalizing unauthorized money exchange took effect in late October last year.
The updated law, which replaced a 1996 statute, expands the scope of prohibited gambling-related activities. Individuals convicted of unauthorized money exchange now face maximum prison sentences of up to five years. The legislation also introduced tougher penalties and enhanced investigative procedures to combat illegal gambling operations.
This bust follows a larger operation in March 2025, when Macau’s Judiciary Police, in cooperation with mainland Chinese authorities, dismantled two cross-border criminal syndicates operating through eight jewellery and pawn shops near the city’s casinos. That investigation led to 42 arrests and uncovered illegal transactions worth nearly HK$800 million ($102.6 million), generating illicit profits exceeding HK$21 million ($2.7 million).
It is also worth noting that investment banks and market observers have stated that the broader crackdown on illegal money exchange operations in Macau is expected to have minimal impact on the city’s gaming revenue. These activities are believed to target a very specific and niche cohort of players.
