Sunday, August 14, 2022

Cash declaration measures go live in November


New regulations requiring visitors to disclose cash holdings of more than MOP120,000 (US$15,000) at entry to Macau are set to be enforced starting November 1, 2017, local media reports.

The cash declaration measures were first brought to light in December last year with executive council spokesman Leong Heng Teng saying the measure would help to prevent money-laundering activities in the city.

According to Leong at the time, the bill would see any inbound travelers carrying cash or negotiable instruments worth more than MOP120,000 needing to declare them at a separate declaration channel at customs.

The latest announcement was made following a meeting of the Legislative Assembly’s second permanent committee on Thursday.

Penalties for failing to declare ranges between MOP1,000 to MOP500,000, according to local media.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

3rd party / Cookies
Show settings
Contact us

ASIA GAMING BRIEF
PO Box 1139, Macau SAR
Tel: +853 2871 7267
Fax: +853 2871 7264

Asia Gaming Brief