DYK on high rollers at Macau casinos

Tweet 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 […]

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

Tweet 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 to have immigrated with billions of dollars in proceeds of crime from corruption. […]

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

Tweet 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 […]

Liberty Reserve founder pleads guilty to money laundering

Tweet 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 […]

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

Tweet 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 […]

Part 1 – How casino junkets work in VIP gambling rooms, luring in whale gamblers from China and how Macau junkets are trying to polish their image

Tweet 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 […]

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

Tweet 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 […]

Vietnam implements anti-money laundering decree

Tweet 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 […]

French government concerned over potential money laundering with vineyard purchases

Tweet Tracfin report highlights money laundering In its annual money laundering report, France’s Traitement du Renseignement et Action Contre les Circuits Financiers Clandestins (“Tracfin“) expressed concern over money laundering risks associated with the sale of France’s most renowned wineries to investors from China, Hong Kong and Russia. The concern stems from the increase in suspicious […]

Interpol operation into trafficking of illicit trade results in 6,000 arrests

Tweet An Interpol-led investigation into the trade of counterfeit goods and products over the last two months has resulted in the arrests of more than 6,000 people in Vietnam, China, Belarus, Poland, Romania, Ukraine, Turkey, Namibia, Hong Kong, India, Thailand, Brazil, Chile, Columbia, Peru and Ecuador. In total, 24 million fake goods were seized worth […]