The Macao SAR Government would put in place a tougher mechanism against money launderers and those whose funds could be finance terrorists. Spokesman for the Executive Council, Mr Tong Chi Kin, disclosed today that the council had met and discussed the proposed Anti Money Laundering and Anti Terrorism Funding By-law. Last week the Legislative Council passed two pieces of legislation: the Anti-money Laundering Law and the Anti-terrorism Law. The Anti Money Law provided for the formation of a supervisory body to ensure the enforcement. Following this, the Executive Council met today and introduced the Anti Money Laundering and Anti Terrorism Funding By-law. Mr Tong said that according to the proposed By-law, all signs of suspicious acts or transactions must be reported to the supervisory body. Failure to do so carries fines of up to five millions Patacas. The By-law lists out the responsibilities of individuals and legal persons. It also lists out the responsibilities of various government departments, associations, groups and parties who at present are monitoring various activities, such as finance, banking and gaming. Parties such as law and accountancy are also included. They will be required to report all suspicious acts to the supervisory body within two days. Fines of 10,000 patacas to 500,000 patacas could be levied on individual offenders and 100,000 patacas to 5 million patacas for legal persons. The sum of money that will require reporting would vary according to the types of business and transactions. This would be decided after consultation with the relevant parties. The By-law will go into effect 180 days after it is published in the SAR Gazette.