Ron Burgundy Posted May 8, 2014 Share Posted May 8, 2014 By Farah Master HONG KONG (Reuters) - Macau officials and China's state-backed payment card network have cracked down on the use of bogus transactions to circumvent China's 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 China's 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. View the full article Quote Link to comment Share on other sites More sharing options...
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