THE M3: MACAU TOURIST CURRENCY CHECK; WYNN MACAU UNIVERSITY INQUIRY

THE MACAU METRO MONITOR, JULY 9, 2013

 

 

MACAU CONSIDERS REQUIRING TOURISTS TO DECLARE CASH Bloomberg

Macau is studying a “cross-border cash declaration system, but no timeframe, declaration threshold or penalties are determined yet at the present stage,” Deborah Ng, director of the city’s Financial Intelligence Office, said in an e-mail yesterday.  Any controls imposed by Macau’s government would back China’s currency curbs, which restrict how much money Chinese tourists can take out of the country.

 

Travelers to Macau currently aren’t required to report how much cash they bring in when entering the city, said Daniel Tang, a press officer at the agency.

 

Tourists from mainland China can bring 20,000 yuan (US$3,260) when traveling across the border and withdraw as much as 10,000 yuan a day with each card at cash machines.  

 

WYNN RESORTS: SEC DOESN'T PLAN ACTION AFTER INQUIRY INTO MACAU UNIT WSJ

WYNN said that it had received word from the SEC that the agency wouldn't recommend a civil enforcement action against the casino operator following an informal investigation into the company's pledge to donate $135 million to a university in Macau.  "It is a charitable donation. We do it all the time just like everybody else," said Wynn. "We are fanatically compliant with the spirit and the letter of regulation."