Macau’s legislative assembly has approved a bill requiring incoming visitors to mandatorily declare imported currency. This measure is designed to prevent money laundering and capital outflow from mainland China.
The bill is to come into force on November 1, 2017. The amounts equivalent to $ 15,000 are to be declared.
The authorities also announced the collection of information on the withdrawal of funds from Chinese citizens’ cards in foreign ATMs, exceeding the amount of $ 145. Information on transactions will go to the State Administration of Foreign Exchange (SAFE) on a daily basis.
As a reminder, this May, the government of Macau informed the cardholders of UnionPay, the only national cash card in China, that Macau ATMs will give cash only after the client passing the test on compliance to the identification number of a bankcard owner. The built-in camera will allow the ATM to photograph features of the user, and then to compare them to images in the database.