Macau Legislative Assembly Approves Currency Declaration Bill

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Macau Gambling

Macau Legislative Assembly Approves Currency Declaration Bill

It is now serious that if you are traveling to Macau, you should declare how much money you are carrying in your pocket.

Although it might assume insane to many travelers, Macau Legislative Assembly have already made their mind. They say this will help save guard the seemingly lucrative casino industry that is continuously attracting many international investors.

For a long time, it has been rumored that authorities in Macau are contemplating to bring to live the bill that would see any visitor coming in to reveal the exact amount of currency they are planning to spend the time they are staying or visiting in Macau.

However, it does not mean that you should declare ‘all’ that you have.

According to the law that was passed by 33 Macau Legislative Assembly members, visitors with MOP120, 000 an equivalent of about $15, 000 and above, will be required to fill a form to completion citing the exact amount of money they are carrying when they are checking in Macau.

Those who are taking traveler’s cheques or other ‘negotiable monetary instruments’ will also be also be required to complete the format designated agents.

The Legislative Assembly declared that very soon, all visitors that will be entering Macau through the international airport will be forced to sign the currency declaration form if they are carrying more than $15, 000 and more or other negotiable monetary instruments that might be deemed fit for resolution.

This move is aimed at streamlining the casino industry in Macau, which in the past especially the VIP sector that has been marred by money laundering cases.

The Legislative Assembly and Macau authorities, in general, believe that this will finally curb any instance of money laundering in various gaming facilities in Macau.

Although Legislative Assembly members have approved the bill, all those that intend to travel to Macau carrying $15, 000 or more in hard cash, will still bring whatever amount they want to use when in Macau for now.

However, things will be different as from November 1, 2017, when the new law will be fully implemented. For now, officers at the airport, money agents or any other currency agents will not be able to engage any visitor who is traveling to Macau whether they are carrying more or less than $15, 000.

If the law is finally implemented the way it currently is or even if some of the areas of the law are amended, it will be tough for anyone to try and launder money in or out of a casino in Macau with only $15, 000 or less.

It will be particularly challenging for any gambler to try and launder money from the VIP junket.

However, others have said that if visitors will be required to declare the amount they carry when they visit a casino in Macau, this is likely to affect revenue collection, especially in the VIP sector.

Drake Achilles

Drake Achilles

Drake Achilles is a college student from Canada. He has been in the business in one way or another from the majority of his life. He brings knowledge and experience to the Play Slots 4 Real Money website.

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