Macao plans to criminalize offering currency exchange services to gamblers in a move to further crack down on the underground banks used to circumvent the Chinese mainland’s stringent foreign exchange controls.
A legislative committee of the special administrative region, which is home to some of East Asia’s biggest casinos, has proposed adding a clause to its law on criminal gambling activity, according to a Friday report from Macao Daily. The change would make offering unlicensed currency exchange services to gamblers in casinos and their connected hotels and shopping malls punishable by up to five years in prison.
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