The Monetary Authority of Macao (AMCM) announced on Wednesday that it has fined a local jewellery shop MOP 400,000 (US$50,200) for illegal currency exchange activities.
Macau’s financial regulator made the announcement in a notice published in Wednesday’s Official Gazette (BO). The announcement said that Lai Fu Jewellery and Chan Tak Meng, the person in charge, carried out the unauthorised activities “habitually with profit-making intentions.”
In a separate notice published in Wednesday’s Official Gazette, the regulator accused a local permanent resident by the name of Tam Chio Ieong of illegal credit activities by carried out “habitually with profit-making intentions”. According to the notice, the accused faces a fine ranging between MOP 10,000 and MOP 5 million. Following the publication of the notice in Wednesday’s gazette, the accused has the right to lodge an objection.