By Farah Master HONG KONG (Reuters) – Macau officials and Chinas state-backed payment card network have cracked down on the use of bogus transactions to circumvent Chinas exchange controls for gambling in the territory. The crackdown follows a Reuters special report in March that highlighted the illegal use of UnionPay cards to obtain cash through fake purchases of goods in Macau to evade Chinas strict currency-export controls. Shanghai-based UnionPay told Reuters on Thursday that the company had stepped up control measures following a recent field inspection in Macau with Macau government officials. Measures included targeting cross-border point-of-sale machines (POS) used by touts on Macau casino floors to help gamblers access cash from UnionPay credit cards.
Macau authorities, UnionPay target illegal transactions
08
May
2014
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