Macau sees 30% spike in suspicious transaction reports from casinos

Macau’s casino operators reported a sharp increase in suspicious transactions during the first nine months of 2024, with over 3,000 reports filed, representing a 30% rise compared to the same period last year, according to official data.

A total of 3,041 suspicious transactions were flagged by casinos between January and September, up from 2,335 reports in 2023. The increase was mirrored across other sectors, including financial and insurance companies, which saw a 36.6% jump with 843 reports. Meanwhile, 234 suspicious transactions were reported by other institutions, reflecting a 3.5% rise.

Overall, the number of suspicious transaction reports across all sectors increased by 29.6% year-on-year, a surge that officials attribute to more reports filed by the gaming and financial sectors.

The spike in suspicious activity comes as Macau prepares to toughen its stance on illegal currency exchanges. Legislators are expected to pass new laws this week that could see offenders face jail terms of up to five years for involvement in unauthorized currency exchange practices.

The move is part of Macau’s broader effort to tighten regulations on financial crimes.

Macau’s Legislative Assembly (AL) is poised to vote on a new law aimed at cracking down on illegal gambling activities, following the conclusion of discussions by the AL’s second standing committee. The proposed legislation, which tightens regulations and imposes harsher penalties, will be presented for a final vote later this month.