May 16, 2014 / 6:13 AM / 4 years ago

Macau urges banks to curb use of UnionPay cards in some casino retailers

MACAU, May 16 (Reuters) - Macau authorities have urged banks to restrict the use of China’s state-backed bank card at some luxury stores in casinos in the world’s largest gambling hub, according to a banking source with knowledge of the situation.

The crackdown follows a Reuters investigative report in March that highlighted the illegal use of UnionPay cards to obtain cash through fake purchases of goods in Macau, to evade China’s strict currency-export controls.

The person, who declined to be identified given the sensitive nature of the issue, attended a meeting organised by the Monetary Authority of Macau last Friday during which it stressed the need to tighten measures to curb a flood of illicit money flows and laid out its recommendations. (Reporting by James Pomfret and Farah Master; Editing by Anne Marie Roantree)

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