Macau’s Judiciary Police seized 1,924 money changers between January and May this year, who face bans from entering Macau.
Of these, 927 individuals were reported to the city’s gaming regulator, the Gaming Inspection and Coordination Bureau (DICJ), for inclusion on the casino entry ban list. Macau authorities also streamlined procedures with the Financial Services Bureau (DSF), imposing administrative penalties on 30 illegal money changers who are Macau residents.
This operation is part of a nationwide crackdown on illicit money exchanges.
In Beijing on Friday, China’s Ministry of Public Security convened a meeting to address Macau’s illicit money exchange activities. Officials stressed the need for rigorous enforcement to combat these operations.
The conference highlighted actions taken by Guangdong police, including dismantling three fraud groups involved in counterfeit note exchanges, resolving five cases of illegal currency exchange, and raiding six underground banking operations. This resulted in the arrest of 101 suspects and the involvement of RMB1.47 billion ($202 million).
During a special press conference, the Ministry of Public Security announced that Zhuhai police had targeted underground money exchange operations. They arrested two suspects providing currency exchange services for tourists at Gongbei Port, the main checkpoint linking with Macau, involving RMB1 billion ($138 million).
In related operations, law enforcement in Zhuhai uncovered underground money exchange groups near Gongbei Port, arresting a total of 13 individuals and dismantling three underground banking operations. On-site, they seized HK$100,000 ($12,800) in cash and confiscated tools used for the crimes, including mobile phones, POS machines, ledgers, and bank cards. Authorities also froze RMB3.9 million ($536,800) in bank accounts.
Investigations revealed that some individuals used travel agencies and businesses at Gongbei as fronts for illegal foreign exchange activities.
In early June, China’s Ministry of Public Security urged security forces in Macau and mainland China to enhance cooperation in cracking down on illegal money exchange businesses in Macau.
Investment bank JP Morgan noted that these developments might have a limited impact on gaming, as illicit currency exchanges on or near casino floors target a specific niche of players. They estimate that ‘less than 10 percent of total GGR is using these services at most.
