Records will be kept for five years
Macau has set a “trigger amount” of cash or negotiable currency that must be declared before the Macau Customs Service. According to GGRAsia, starting November 1 all people leaving or entering the gaming hub must declare amounts of MOP120,000 (US$15,000) or more.
The new regulation, approved in May, is designed to help fight money laundering in the city. The legislation states cash declarations are mandatory only for people entering Macau. Those leaving the city are only required to report amounts exceeding the trigger if they are questioned by a customs agent.
Negotiable monetary instruments include checks payable to the holder, travelers’ checks and gold coins, the news outlet reported. Submitted declaration forms will be kept for five years, and failure to comply with the rules could lead to fines from MOP1,000 (US$124) up to MOP500,000 (US$62,330).
Sanford C. Bernstein analysts Vitaly Umansky, Zhen Gong and Yang Xie said the new rules are “not a harbinger of doom, but should be viewed as a highlight of the continued risk that China’s continued focus on capital outflows poses to Macau gross gaming revenue (in the VIP and high-end premium mass segments).”
Mainland Chinese residents may only allowed take a daily limit of RMB20,000 (US$2,953) across the jurisdiction’s borders.
