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MACAU BUSINESS


usually charge over 0.5 per cent of the cash moved. It may not seem a profitable business but the amounts involved are usually huge. UMAC professor Li Sheng explains underground banks “are usually organised and run by families or groups and function like a company. The core members are typically family members or familiar countrymen from the same hometown. There’s usually a clear division of responsibilities and a connection to Macau.” “The system has the capability of transferring funds


from one country to another in a matter of hours, provides complete anonymity for the customer,


guarantees total security, converts gold or other items into currency, and converts one currency into another of the customer’s choice,” according to US expert Larry Lambert. The Chinese struggle against underground banking began more than a decade ago but in recent years has been reinforcing the fight against illegal cross-border outflows in an attempt to slow capital flight as the yuan weakened. Since 1983, a number of U. S. Drug Enforcement Administration documents have been ‘postulating the existence of an underground banking system dominated by Chinese in Southeast Asia.’


Recovering time G


ross gaming revenuefor December came in up 8 per cent year-on-year, according to the data posted by the MSAR’s Gaming Inspection and Coordination Bureau (DICJ). Despite


the figure being the second highest gross gaming revenue recorded during the 2016-year, at


by Kelsey Wilhelm


Macau’s total accumulated gross gaming revenue last year was down 3.3 per cent when compared to 2015. The last five months helped the year to recover


MOP19.81 billion, the figure was ‘just in line’ with consensus estimates by analysts at JP Morgan, and the value ‘failed to continue its ‘beating streak’ since August,’ note the analysts. The figure for December trails only October’s figures, which amounted to MOP21.8 billion. Average daily revenue was MOP639 million in


20 JANUARY 2017


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