In 2018 and 2019 the legislature approved numerous laws to reinforce Macau's economic stability and international fiscal cooperation. Further, the government put forth for discussion numerous draft laws to stimulate diversification in the economy and encourage the development of the financial leasing industry. Additional measures are expected in 2019 and 2020 to develop the Guangdong-Hong Kong-Macao Greater Bay Area and overcome the challenges presented by today's cross-border financial activities.
Some critics have labelled Macau's functioning legal and financial framework as a legal impediment to financial innovation and change; however, it could be suggested that a number of recent actions – including the authorisation of one public company limited by shares to provide payment services in relation to bank cards and another to provide payment services via the Internet and mobile phones – may result in innovation in the industry as a result of the Financial System Act.
Macau was previously bestowed with an offshore regime boasting a comprehensive list of 20 offshore activities. This initially attracted many businesses, but the allure was greatly reduced after the removal of 12 activities from the list. Just as many began to believe that offshore activity was over, Macau's mandate to become a commercial and trade cooperation service platform between China and Portuguese-speaking countries came into play.
After its initial introduction to the Macau Legislative Assembly in 2013, the Regime Jurídico do Erro Médico (RJEM) will soon enter into force. The driving forces behind the RJEM's enactment include a lack of knowledge about the occurrence of medical error and the consistency of the liability rules and competent courts. The RJEM is a sensible reaction to the problems and injustice caused by medical error and how it is handled. Hopefully its effectiveness can be proven with experience.
The government has revamped its regulatory measures regarding the prevention of money laundering and the financing of terrorism. This regulatory trend originated from the mandate of Administrative Regulation 7/2006. The government is sending a clear signal that Macau has renewed its commitment to the prevention of money laundering and the financing of terrorism in line with the Asia Pacific Group on Money Laundering, which will issue a report later in 2016.
The 2007 Mutual Evaluation Report on Macao, China highlighted the absence of asset-freezing mechanisms in the Macau legal system, which were required for compliance with Macau's obligations under resolutions adopted by the UN Security Council in the context of fighting terrorism. The government has now presented a draft law on a legal regime for the freezing of assets to the Legislative Assembly.