Hang, Leong Cheng --- "Macau banking law and financial institutions" [2020] ELECD 223; in Arner, W. Douglas; Wan, Yee Wai; Godwin, Andrew; Shen, Wei; Gibson, Evan (eds), "Research Handbook on Asian Financial Law" (Edward Elgar Publishing, 2020) 315

Book Title: Research Handbook on Asian Financial Law

Editor(s): Arner, W. Douglas; Wan, Yee Wai; Godwin, Andrew; Shen, Wei; Gibson, Evan

Publisher: Edward Elgar Publishing

Section: Chapter 17

Section Title: Macau banking law and financial institutions

Author(s): Hang, Leong Cheng

Number of pages: 21

Abstract/Description:

Capturing the regulatory challenges of a banking and financial system is neither easy nor straightforward. This is particularly evident of Macau´s multi-layered system which has developed as a mix of its Portuguese colonial heritage and the Chinese model, introduced pursuant to the 1999 handover. Macau’s system is still forming and is yet to attain ultimate shape. The Financial System Act, which regulates most financial activities, credit institutions, financial intermediaries, financial institutions and illegal activities, will be discussed in detail. As financial markets evolve in Macau, China and worldwide, there is an acute need for legislative and regulatory reform. Regulatory challenges facing Macau´s banking and financial system include the interaction between cyber-criminality, corporate criminal liability and financial crimes. In 2016 Macau’s Government introduced legislative measures to combat money laundering and terrorist financing, the first step towards addressing these challenges.