Speaking during a visit to Hong Kong last week, US Treasury Undersecretary for Terrorism and Financial Crimes, Stuart Levey welcomed action taken by the authorities in ex-Portguese enclave Macau to boost the territory's money laundering protections.
Following Mr Levey's call to US banks last month to block Macau-based Banco Delta Asia from conducting transactions in the country over the bank's alleged involvement in money laundering in North Korea, the Macau government finally completed work on a new money laundering bill, which has been years in the pipeline.
According to reports in the regional media, the legislation was presented to the Legislative Assembly on Friday.
The Hong Kong Standard quoted Mr Levey as announcing that:
"They (the Macau government) are obviously taking these issues very seriously. We have a good understanding between us about how important this is, not just to Macau but to the United States, and how we believe this implicates our national security."
He went on to add:
"Putting that money laundering law in place is absolutely essential given the nature of their financial system and the amount of commerce that occurs in Macau."
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