Anti-Money Laundering

 

 

AML Legal Environment

Lawyers in Macau are subject to AML requirements under the following regulations:

  • Law no. 2/2006 – Anti-Money Laundering Law
  • Administrative Regulation no.  7/2006

Furthermore, the Macau Bar Association issued AML Guidelines for lawyers under its Directive no. 1/2006, effective from November 12th 2006.

Under this legislation and guidelines, lawyers are required to gather sufficient relevant client information to satisfy the following AML compliance objectives:

  1. client due diligence, i.e. identification and verification (duty of identification);

 

 
  1. enhanced client due diligence when instructions present an AML risk;
  2. reporting suspicions of money laundering and terrorist financing (duty of communication);
  3. record keeping (duty of conservation of the documents) and;
  4. staff awareness and training.

 

There is a general duty of cooperation with the authorities and a duty of refusal when the necessary elements for the fulfilling of the duties referred to above are not provided by the customer or its representative(s).
In addition, lawyers may take steps to mitigate the risks involved if asked to represent, or act on transactions involving, individuals or organizations who have proven or rumored criminal or terrorist links.