DYK on high rollers at Macau casinos

Here are some interesting facts on high roller gamblers who frequent Macau casinos: 90% of the gamblers in Macau are from China. 1% of players in Macau, the high rollers, account for 30% of annual gross gaming revenue. The economy of Macau is entirely dependent upon gambling, players from China and specifically, the high rollers [...]

World record in money laundering sentencing

A Malaysian Court has set a world record in money laundering law by sentencing a business executive to a term of imprisonment of 1,942 years for laundering proceeds of crime. Lim Long Yew, the CEO of Asia Ceramic Marketing Sdn Bhd, was convicted of accepting and holding proceeds of crime in the corporate bank account over [...]

China seeking advice on deporting 1,000 EB-5 immigrants from US and recover assets in what may be the first cases of G20 “denial of safe haven” policy

By Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime Removal of Foreign Nationals & Asset Recovery According to several news reports, such as the one here, the government of China is in discussions with the US government (and firms) regarding the process to deport or extradict former Chinese nationals believed [...]

Chinese tycoon and his brother sentenced to death for financial crimes and mafia-style murders

Liu Han, the 148th richest man in China, sentenced to death with his brother and several employees from his mining empire by Christine Duhaime, BA, JD, Certified Financial Crime and Anti-Money Laundering Law Specialist Follow @cduhaime 湖北省咸宁市中级人民法院23日上午9时对刘汉、刘维等36人组织、领导、参加黑社会性质组织罪以及故意杀人罪等案件一审公开宣判。 判决被告人刘汉、刘维犯组织、领导黑社会性质组织罪、故意杀人罪等罪,均被决定执行死刑,剥夺政治权利终身,并处没收个人全部财产;被告人唐先兵、张东华、田先伟、袁绍林、文香灼、张伟、曾建军、黄谋、刘岗、旷小坪、钟昌华、桓立柱犯参加黑社会性质组织罪、故意杀人罪、故意伤害罪等罪,分别被决定执行死刑、死刑缓期两年执行或无期徒刑,剥夺政治权利终身,并处一定数额罚金;被告人孙华君、缪军、陈力铭、曾建、詹军、李波、旷晓燕、郑旭、仇德峰、李君国、肖永红、孙长兵、王万洪、闵杰、车大勇、王雷、刘光辉、刘小平、刘淼犯参加黑社会性质组织罪、故意杀人罪、故意伤害罪等罪,分别被决定执行或判处二十年至三年不等的有期徒刑,其中部分被告人并处一定数额罚金或没收个人部分财产;被告人刘学军、刘忠伟、吕斌犯包庇、纵容黑社会性质组织罪、受贿罪,分别被决定执行有期徒刑十六年、十三年、十一年,并处没收违法所得;被告单位汉龙集团犯骗取贷款、票据承兑、金融票证罪,判处罚金人民币三亿元。共判处5人死刑、5人死刑缓期两年执行,4人无期徒刑,22人有期徒刑。

Money laundering is “huge” in Hong Kong and Macau; Mixed judicial response to money laundering

Money laundering is more prevalent than elsewhere According to a recent survey of business people who operate and do business in Hong Kong and Macau, money laundering is a huge problem and in fact, is more prevalent there than anywhere else in the world. The results of the survey which were reported in South China Morning [...]

Liberty Reserve founder pleads guilty to money laundering

Money laundering conviction The US government announced that one of the co-founders of Liberty Reserve, Vladimir Kats, pleaded guilty to money laundering and operating an unlicensed money transmitting business yesterday. The US government found that Liberty Reserve was one of the world’s most popular virtual currency services. It’s co-founders were indicted in the U.S. in May [...]

Carson Yeung says he accepted $2 million from suspected triad in money laundering trial

Carson Yeung, the Hong Kong tycoon who is on trial in Hong Kong for alleged money laundering admitted in Court that he accepted 12 wire transfers totalling approximately $2 million in funds from a Macau casino that were sent by an alleged Triad boss - Cheung Chi Tai. Mr. Cheung is also alleged to have had [...]

Macau casino junket operators use trade show to polish image

This article was originally published in Asia Gambling Brief.  Macau junket operators of casino VIP rooms working on image Some of Macau’s biggest junket operators — also known as VIP gambling promoters — are planning to exhibit at next month’s Macau Gaming Show in a sign this integral part of the local gaming scene is [...]

U.S. Congressional Commission Report urges Macau to implement anti-money laundering controls

2013 Annual Report In its 2013 Annual Report, a U.S. Congressional Executive Commission has urged Macau to develop law enforcement mechanisms to combat money laundering at its casinos. The Congressional members found that the gambling industry in Macau was reportedly tied to widespread corruption and the laundering of large amounts of money out of Mainland [...]

Vietnam implements anti-money laundering decree

Response to FATF blacklisting Following years of pressure, the Socialist Republic of Vietnam has implemented anti-money laundering legislation which took effect on Friday. The move was in response to the blacklisting of Vietnam  in June by the Financial Action Task Force (“FATF“) for  lax anti-money laundering (“AML“) and counter terrorist financing (“CTF“) controls. 14 countries [...]