Black Money In Macau Gone For Good

Macau

According to a statement by the Chinese Legislative Assembly, Ho Iat Sang, the issue of the mainland officials using their embezzlement on the gaming tables in Macau might now be a thing of the past. In an interview with a state based media house in Beijing, Sang remarked that given the fact that the Macau casinos now feature advanced face recognition technologies to identify and monitor the visitors, the problem of black money being used for gambling in the country has been completely eliminated for good.

He further added that all public servants working on the mainland are duly monitored and tracked during their visits to Macau. As such, his statement might inevitably direct to the possibility of the country’s capital spying on its citizens while they visit the Gambling hub. Sang reiterated that they receive immediate notifications whenever a government official from China enters the premises of a casino in Macau and that some of the officials have actually got a call from their managers the very instant they sat on a table.

Sang also remarked that given the fact that a majority of them are listed on a constant surveillance radar, even the regular officials hailing from the banking and finance industry in China are finding it extremely difficult to travel to Macau without being monitored.

Back in 2012, when XI Jinping was vowed in as the President of China, he immediately launched an extensive ‘anti corruption’ campaign to tackle the situation of black money in the country. Given the fact that the gambling tables acted as a safe channel for moving billions of misappropriated funds from the Chinese Mainland, the gambling hub Macau ended up becoming the center of money laundering for funds stolen from public.

Following proactive efforts from the government to curb the problem of money laundering, the anti graft campaign reached its pinnacle in 2014 as the government introduced more stringent guidelines for regulating the junket sector and tightened security on movement of funds. In the wake of the government’s new policies, the VIP segment ended up steering clear of Macau.

However, this resulted in the gross gaming revenues plummeting to an all time low in Macau for a period of two consecutive years until the figures hit rock bottom in the mid of 2016. Sang added that although a majority of the VIP segment has made a come back in the market, it constitutes purely of the non corrupt population.