From 1st November 2017, new regulations mandating that any cash or other negotiable monetary instrument over US$ 15,000 (MOP 120,000) passing through Macau Customs authorities have to be declared, according to local television broadcaster TDM.
The announcement was made after the Legislative Assembly’s second permanent committee meeting on Thursday.
The penalty for failing to declare the defined amounts will result in a fine between MOP 1,000 to MOP 500,000.
According to the committee chairman, Kwan Tsui Hang, we “would prefer the law was enforced as soon as possible,” however the government stated it would require half a year to “advance with preparatory works” and “create declaration forms.”
“Some changes in the law proposal will be made but we can’t say when we will receive the new draft,” added the legislator.
The law proposal was presented by the government in December 2016 as one of the measures to comply with the recommendations of the inter-governmental body the Financial Action Task Force (FATF) to put in force anti-money laundering measures in Macau.