An alleged criminal gang led by Macau locals dealt with up to HKD300-million (US$38.2-million) worth of unlicensed money exchange on behalf of gamblers, and made more than HKD10 million in profits from it. That is according to a Tuesday media briefing by Macau’s Judiciary Police, and reported by local Chinese-language media. The police action was on Monday.
Unlicensed money exchange for gambling purposes was criminalised in Macau on October 29 last year, via enactment of the “Law to Combat Crimes of Illegal Gambling”.
The Monday operation saw the arrest of four Macau residents, all male and aged from 30 to 32, outlined the police briefing, as reported by local media.
The suspects were believed to be part of a criminal group that provided unlicensed money exchange services to gamblers beginning in November 2023, and had allegedly handled HKD300-million-worth of such illegal business since October last year, and made more than HKD10 million in profits, said the local media outlets, citing the police.
Gaming patrons were thought by the authorities to have been provided with money-swap services either in vehicles belonging to the suspects, or at casinos or inside hotel rooms.
Most bets in Macau casinos are denominated in Hong Kong dollars, and a majority of visitors to Macau is from the Chinese mainland, and may have their assets denominated primarily in China’s currency, the yuan.
The Judiciary Police have filed charges of membership of a criminal group and operating illegal foreign exchange for gambling purposes against the four detained suspects. The police are still investigating whether there might be other suspects at large.
The case has been sent to Macau’s Public Prosecutions Office.
