Macau revokes 13 offshore permits in first half of 2018
The Monetary Authority of Macao (MAM) has revoked offshore authorisation for 13 companies in the first half of this year, with no new offshore permits being provided to date.
The revocation of licences for offshore activities, confirmed in a press release by the MAM, implied the dissolution or winding up of the offshore companies concerned, according to the local regulatory body. In addition, no new offshore financial institution was granted permission to practice offshore activities in Macau in this period.
No offshore financial institutions or commercial entities were registered as being authorised to operate in Macau, with Portuguese banks Caixa Geral de Depósitos (CGD) and BPI cancelling their offshore authorisations last year. The two banks were previously being the only authorised banks to have offshore operations in Macau.
The Investment Promotion Institute (IPIM) revised its guidelines on preventive measures earlier this year regarding anti-money laundering and combating the financing of terrorism for Macau Commercial Offshore Services and Auxiliary Offshore Service Institutions.