Macau is planning to ban the sale of luxury products using UnionPay cards to prevent customers from re-selling them for cash, Sing Tao Daily reported Tuesday.
The ban, expected to come into force on July 1, will target jewelry shops and other luxury retail outlets near casinos.
It comes amid increased government efforts to curb illegal cross-border money transfers, the report said, citing unnamed sources.
In addition, casino operators have been told to remove UnionPay card machines from their premises.
However, Economy and Finance Secretary Francis Tam said no such directive has been given and no restrictions have been issued regarding the use of UnionPay cards.
Ambrose So, chief executive of casino operator SJM Holdings Ltd. (00880.HK), said any such restrictions will not affect the gaming business.
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