Macau Set to Pass Law Criminalizing Illegal Money Exchange in Casinos
The Macau Government has revealed a new provision set to criminalize unauthorized money exchange within casinos.
New law to criminalize illegal money exchange in Macau casinos.
LISTEN TO THIS ARTICLE:Reports from Macau say that the provision will be incorporated into the draft of the Law to Combat Gambling Crimes, aiming to tackle illegal financial activities tied to gambling. Specifically, unlicensed currency exchange operations in casinos will now be considered a criminal offence.
Harsh Punishments Including Casino Bans
The provision outlines severe consequences for those found guilty, including up to five years in prison and a ban from entering any casino in Macau for a period ranging from two to ten years.
Legislator Chan Chak Mo announced this development during a committee meeting. The final reading of the draft law is anticipated by the end of 2024, as Macau continues its efforts to bolster regulatory standards in the iGaming industry.
This move to criminalize unlicensed money exchange has been widely anticipated following a significant crackdown on illegal currency exchange operations earlier this year, spearheaded by the Chinese Government.
More Regulation News
Macau Revenue Stays Strong Despite Crackdown
There were initial concerns from analysts that this crackdown might negatively impact Macau’s revenue during the period. However, data from Macau’s Gaming Inspection and Coordination Bureau (DICJ) revealed that gross gaming revenue in Macau recorded an 11.6% increase year-on-year and a 5.1% rise month-on-month, amounting to MOP$18.6 billion (US$2.31 billion) by July 2024.
These figures suggest a positive outlook for Macau’s gambling sector, even amid challenges ranging from minor casino-related offences to large-scale organized crime. Additionally, lawmakers are pushing for gaming concessionaires to prioritize the protection of worker welfare alongside these regulatory measures.
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