Macao
Last Updated: 04/04/2007CENTRAL AUTHORITY FOR REPORTING
ARE LAWYERS COVERED BY ANTI- MONEY LAUNDERING LEGISLATION?
Lawyers are covered by Article 6 of Prevention and Repression of Money Laundering Bill 2006.
LAWS REGARDING ANTI-MONEY LAUNDERING PROCEDURES
- Prevention and Repression of Money Laundering Bill 2006 (the 2006 Bill) (in Chinese)
- Prevention and Repression of Money Laundering Bill 2006 (the 2006 Bill) (in Portuguese)
- Financial System Act 1993 - contains AML measures with regard to the banking system and sections concerning "know your customer", registration and compliance.
- Organised Crime Law 1997 - criminalised laundering the proceeds of all domestic and foreign crimes and contained provisions for seizing assets.
- Decree Law no.24/98/M - imposes the mandatory requirements for reporting of suspicious transactions.
"In March 2006, Macao's Legislative Assembly (LA) approved a bill on the prevention and repression of money laundering. This 12-article bill lists a string of businesses and professions that are obligated to fight money laundering." 1
IN ADDITION TO THESE LAWS, IS THERE ANY MONEY LAUNDERING GUIDANCE FOR LAWYERS CURRENTLY IN PLACE?
No information available
UNDER WHAT CIRCUMSTANCES IS A LAWYER UNDER THE OBLIGATION TO REPORT?
Refer to Articles 6 and 7of the 2006 Bill
CLIENTS IDENTIFICATION AND VERIFICATION
Refer to Article 7 of the 2006 Bill
NEW MATTERS
Lawyers in Macau have publicly disagreed on the anti-money laundering reform which proposes to extend detection mechanisms to the legal profession.
The reform seeks to subject lawyers to anti-money laundering detection requirements similar to those applicable to banks, in accordance to the recommendations of the Financial Action Task force (FATF), and as enacted by the European Union. The proposal requires lawyers to comply with anti-money laundering requirements in a number of areas of legal practice such as: real estate, management of client money and assets including opening of bank, savings and investments accounts, and operation and management of companies and trusts. 2
The lawyers role includes both acting on behalf of the client with a power of attorney or simply advising on such transactions.
However, lawyers shall not be subject to a duty of care when providing legal advice to clients, or defending or representing clients in judicial proceedings.
LAWYERS PROSECUTED FOR MONEY LAUNDERING OFFENCES
There are no reported cases of lawyers involved in money laundering in Macau.
Information provided by:
Jorge A. F. Godinho, Assistant Professor, Faculty of Law, University of Macau, "Are lawyers launderers?", Macau Business, January 2006, email: jgodinho@umac.mo.
_______Sources
- Marcus Simpson, “Macao's lower house approves AML bill,” 30 March 2006, www.complinet.com.
- Marcus Simpson, “Macao to publish long-awaited AML and terrorism finance bills”, 10 February 2006, www.complinet.com.
