Suspicious Financial Transaction Reports Grow 13.5 Percent Year-on-Year in Q1

April 28, 2023 | money-laundering

MACAU, SAR (April 25, 2023) — The total number of suspicious transaction reports (STR) filed by Macau financial entities and gaming operators increased 13.5 per cent year-on-year to 817 in the first quarter of 2023, the Macau News Agency (MNA) reports the latest figures from the Financial Intelligence Office (GIF) show.

The rise was mainly due to an increase in the number of STRs submitted by the gaming sector, which accounted for 72.8 per cent of the total.

Some 595 suspicious gaming transaction reports were recorded in the first three months, an increase of 44.1 per cent year-on-year.

Meanwhile, according to MNA, the financial watchdog received 157 STRs from financial and insurance institutions, and 65 from what is listed as ‘other institutions, representing a year-on-year decrease of 28 per cent and 27 per cent, respectively.

Last year, a total of 2,199 suspicious transaction reports were submitted to GIF, down 9.7 per cent from 2021.

The GIF is responsible for collecting and analysing suspicious transaction reports submitted by different reporting entities, as well as inputting data gleaned through these reports into the database and referring reported cases deemed suspicious to public prosecutors.

The department had previously noted that reports on suspected money laundering typically originated from irregularly large cash withdrawals, significant cash deposits with unverifiable sources, and the conversion of gaming chips, whether or not accompanied by minimal gambling activity.

SOURCE: Macau News Agency.

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