Two men have been detained in Macau after being suspected of an illegal money exchange. The Chinese mainlanders, 33-year-old Yang and 48-year-old Lan, were caught after exchanging $20,000 Hong Kong dollars ($2553) for use in a nearby casino.
The two are currently being investigated over the matter, with Yang reportedly acting as a witness. The Macau Post reports that the two have been doing this since the middle of March, making a total of 13,000 yuan ($1800) in profit.
Police have confiscated the money from the pair, with HK$86,000 ($10,980) taken from Lan and HK$15,000 in chips from Yang. They’ve been transferred to the Public Prosecutions Office, where they’ll face charges for the illegal currency exchange.
Macau cracks down on illegal money exchanges
Macau is one of the only legal places in the China region that allows for gambling. It follows its own laws and is designated a special administrative region. As such, it’s made this act of money exchange illegal, as it often ties in with money laundering, tax dodging, and other illicit activity.
However, it’s also used by Chinese mainlanders to acquire cash for gambling, without having to go through official channels. Only those authorised to exchange money can do so, and individuals will be liable for arrest or fines, or in some cases, both.
In this instance, Yang met with Lan and used a QR code system to send the money over. Lan then handed over HK$20,000, which Yang immediately spent $5000 on gambling.
It was outlawed in 2024 after Beijing demanded reforms to how Macau was dealing with the exchanges. Under current law, it can carry a maximum of five years in prison, as well as up to MOP 5 million ($623,380) in fines.
Just last week, another individual was caught illegally exchanging cash. Surnamed Kwok, the Chinese mainlander had gone around the official system to exchange HK$5000 in casino chips to another person, who then went off and gambled.
