Casinos in Macau recorded a threefold increase in suspicious transactions in 2023, reveals data from the Financial Intelligence Office (GIF).
According to the official data, the number of suspicious transaction reports (STRs) filed by gaming operators reached 3,431, compared to 1,177 in 2022, representing the highest figure since the Office commenced publishing STRs data, Macau Business reported.
These reports accounted for a substantial 74.4% of the total STRs, which amounted to 4,614 in 2023, more than doubling the count from the preceding year. Notably, in 2022, during pandemic restrictions that significantly impacted the city, STRs from gaming companies constituted just over half of the total reported.
Financial institutions and insurance companies also observed an uptick in reported suspicious transactions, with 887 cases in the past year compared to 765 in 2022.
In response to the increased number of STRs, the GIF forwarded 116 of these reports to the Public Prosecutions Office in 2023, the report said.
The GIF is responsible for collecting and analyzing suspicious transaction reports submitted by different reporting entities, as well as inputting data gleaned through these reports into the database and referring reported cases deemed suspicious to public prosecutors.
According to the city law relating to financial activities and substantial transactions, operators are mandated to report all transactions exceeding MOP500,000 or US$62,075 to the local government. It’s important to note that while these transactions involve significant amounts, not all of them are deemed suspicious.
The rise in STRs emerges alongside Macau’s anticipated gross gaming revenue (GGR) recovery, which is projected to reach MOP 17.5 billion ($2.2 billion) in January 2024, representing a resurgence to 70 percent of the 2019 level.
As per data from the Gaming Inspection and Coordination Bureau (DICJ), Macau’s casinos generated MOP 183 billion ($22.75 billion) in GGR in 2023, constituting 62.5 percent of the full-year tally recorded in 2019, showcasing a steady recovery in the gaming sector in the first year following China’s easing of Covid-related restrictions.
Original article: https://www.yogonet.com/international/noticias/2024/01/15/70402-macau-casinos-report-threefold-increase-in-suspicious-transactions-in-2023
