Macao, East Timor agree on countering illegal money flows

Macao Economy and Finance Secretary Leong Vai Tac has announced that Macao and East Timor have agreed to exchange financial information for the purpose of countering money laundering and terrorist financing, Lusa reports.

The Portuguese news agency quotes Mr Leong as announcing in the latest Macao Official Gazette that Financial Intelligence Office Co-ordinator Chu Un I has authority to sign the agreement on behalf of Macao.

The report says the announcement gives no date for the signing.

The report adds that Macao has signed over 20 financial information exchange deals with other countries and territories in the last few years.