The Macau Special Administrative Region (SAR) in China has passed new legislation that toughens the penalties for organizing illegal gambling.
Earlier this month, the Macau Legislative Assembly passed the Law on Combating Crimes Related to Illegal Gambling. Today, October 29, the law was signed into law by President Kow Hoi Ying. Yesterday the signed document was published on the official website of the Assembly, and already today it came into force. This law provides for increased responsibility primarily for illegal currency trafficking.
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Chinese citizens can visit Macau and gamble. But it is allowed to bring with them no more than 5,000 dollars. Many high rollers circumvented this limit. To do so, they sent funds online to illegal currency exchange points, which then handed out cash with a hefty fee.
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The interest rate on income in Macau is much lower than in mainland China, so authorities suspected high rollers of money laundering. The new law prohibits such transactions and provides for liability in the form of imprisonment for up to 5 years. Did you find the news interesting and informative? Want more of the gambling news online and stay updated on the events? New casino launches, updates, and technology – check casino development news. Subscribe to our ‘Gambling News’ section and receive notifications about fresh publications.
