Mainland Chinese officials are taking steps to crack down on illegal money exchange activities in Macau, the renowned casino hub. Illegal money exchange, which includes unauthorized currency exchange and loan shark operations, has been on the rise and has led to various illegal activities such as violence, scams, and smuggling. This has significantly impacted social stability in the city.
The authorities are planning to strengthen border checks, enhance coordination to capture fugitives, and conduct thorough investigations on a national level to dismantle the criminal syndicates involved in the illegal money exchange business. Beijing’s efforts are part of a broader campaign to combat illegal gambling, money laundering, and underground banking networks in Macau.
The recent push comes as Macau’s gaming revenue surged by 29.7% year on year, with new travel permits boosting mainland Chinese tourist spending. The significant rise in crime related to illegal money exchange prompted authorities to escalate their efforts nationally to safeguard financial security and address corruption issues.
The government sees a need to hinder the illegal industry of money exchange
Peng Peng highlighted the expansion of illegal money exchange in Macau beyond gambling to underground banking, corruption, and illegal money outflow. To safeguard financial security and curb corrupt practices, the government is determined to disrupt the illegal money exchange industry.
Beijing recognizes the importance of managing financial risks, including illegal financial activities, to secure China’s future development. Authorities have also clamped down on illegal cross-border money transfers, such as using UnionPay cards for cash transactions, and tightened controls on junket operations and unauthorized betting activities in Macau.
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