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Macau's plan to crack down on unauthorized currency exchange, reported by mainland Chinese media on Monday, "is not the first time the authorities have vowed to crack down on similar activities in Macau," JPMorgan Securities (Asia-Pacific) said on Tuesday. 온라인경마사이트

The South China Morning Post on Monday cited Chinese state media People's Daily as saying Beijing wants to stop the "whole industrial chain" involved in such an illegal currency exchange in Macau.

This was described as an additional step to address illegal gambling and money laundering.

The report said a state-level planning meeting was held in Beijing last week by the Ministry of Public Security to discuss the issue.

JPMorgan analysts DS Kim, Mufan Li, and Selina Li noted that previous crackdowns in Macau include: "illegal Union Pay Force machinery, illegal money transactions in Zhuhai/Macao, numerous accounts in underground banks, and crackdowns in and around the Greater Bay Area."

It first referred to the Guangdong province city of Zhuhai, just off Macau, and later to the Guangdong-Hong Kong-Macao Taiwan region, which is Beijing's plan to consolidate the three economies.

"We're feeling the overall tone/ initiative," JPMorgan added, based on media reports. "It's quite similar to what we've seen in the last decade.

"Also remind us that the Macau authorities have been stepping up their efforts to crack down on these money changers since the middle of last year... And this appears to us to be an extension of these plans because, according to authorities, most illegal operators are from mainland China."

The crackdown report by mainland authorities comes shortly after Macau posted total casino gaming revenue of $201.9 billion ($2.51 billion) in May, the highest monthly figure since January 2020, before the COVID-19 pandemic.

Last week, Macau's security minister, Wong Shio Chak, said unauthorized money changers sometimes involved in the usury business were becoming increasingly "corporate and specialized" and posed a threat to Macau casinos.

According to the People's Daily, the central government's view is that such activities and increasing violence, fraud and smuggling have "seriously affected" social stability in the city.

Macau police investigated 149 fraud cases related to unauthorized currency exchange practices in the first quarter. In 124 cases, unlicensed traders were so-called "criminals," according to the first-quarter crime statistics report. Tactics included the use of fraudulent bank notes or promises of remittances that turned out to be false.