On the afternoon of 23 April 2020, an online finance lecture was held by the Faculty of Finance of City University of Macau, where Professor Liu Yi, Senior Director of Legal Compliance Department of China Life Insurance (Overseas) Co., Ltd. Macau Branch, delivered a speech titled “ Sharing on Anti-money Laundering and Anti-terrorism Financing-A Comparison of Supervision Between Macau and The Mainland”. The lecture was hosted by Dr. Khong Yueng Wah, Associate Dean of the Faculty of Finance, and a large number of students attended the lecture online.
Dr. Liu first discussed the definition, the process and a series of issues of money laundering, then pointed out the harm caused by money laundering and introduced the "Financial Action Task Force (FATF)" established by the seven western countries, which is one of the most influential international organizations in the field of anti-money laundering and anti-terrorist financing in the world.As regards the current situation of Macau's anti-money laundering, Professor Liu remarked that Macau's money laundering situation was once known as "the largest washing machine in Asia." After years of great efforts, the framework of Macau's anti-money laundering laws has been gradually formulated. The current Monetary Authority (AMCM), Financial Intelligence Office (GIF), and Assets Freezing Coordination Commission (CCRC) together form the regulatory framework for anti-money laundering in Macau. In October 2019, Macau became the first member in Asia-Pacific to pass all 40 FATF legal and technical compliance international standards. Professor Liu also used the number of suspicious transactions in Macau in the first quarter of this year as an example to illustrate and analyze Macau’s anti-money laundering situation in detail.As regards the current situation of Macau's anti-money laundering, Professor Liu remarked that Macau's money laundering situation was once known as "the largest washing machine in Asia." After years of great efforts, the framework of Macau's anti-money laundering laws has been gradually formulated. The current Monetary Authority (AMCM), Financial Intelligence Office (GIF), and Assets Freezing Coordination Commission (CCRC) together form the regulatory framework for anti-money laundering in Macau. In October 2019, Macau became the first member in Asia-Pacific to pass all 40 FATF legal and technical compliance international standards. Professor Liu also used the number of suspicious transactions in Macau in the first quarter of this year as an example to illustrate and analyze Macau’s anti-money laundering situation in detail.In addition, he also analyzed anti-money laundering supervision and penalties in Chjna and shared his own work experience, especially from the perspective of the insurance industry, to explain various modes of money laundering via insurance, such as using large amounts of cash to purchase insurance and overpaying insurance, claiming back overpaid premiums, paying high premiums to make false claims. Besides, Professor Liu discussed the practical operations of the insurance industry on anti-money laundering, such as daily monitoring, special anti-money laundering investigations, quarterly anti-money laundering reports, and AMCM annual anti-money laundering investigations, so as to get a deeper understanding of how suspicious transactions can be identified. Finally, he also shared his view with the students on popular regulatory technology and financial technology.
The lecture was rich in content, and aroused students' strong interest in anti-money laundering. The students were active to raise questions and Professor Liu also gave them clear explanation, which benefited them a lot. They also conveyed their gratitude to Professor Liu and expressed the hope that he would come to give a lecture on the campus of City University of Macau and gave thanks to China Life Insurance (Overseas) Co., Ltd. Macau Branch for its long-term quality lectures in various fields.
To review the wonderful lecture, please click the following link:
https://web.microsoftstrTeam.com/video/5bdbc03b-3aaf-4d92-81c0-d0474df1ae76