Malaysia: Money laundering suspects also involved in forex investment fraud
23rd October 2020
Malaysia: Money laundering suspects also involved in forex investment fraud
The police revealed that a call centre for an international gambling syndicate masterminded by two men believed to be involved in a recent money laundering case was also involved in a foreign exchange (forex) investment fraud cases. Bukit Aman Criminal Investigation Department (CID) director Datuk Huzir Mohamed said investigations found… Read More
Crown overlooked ‘suspicious’ reports: AUSTRAC
22nd October 2020
Crown overlooked ‘suspicious’ reports: AUSTRAC
In her first public remarks on the investigation into Crown, Australian Transaction Reports and Analysis Centre chief executive Nicole Rose told a Senate hearing that the financial intelligence agency had “serious concerns” about the casino operator’s conduct. Crown’s Melbourne casino filed almost 50,000 reports to AUSTRAC in 2019, primarily because… Read More
The AML System: A Failure of Statecraft?
20th October 2020
The AML System: A Failure of Statecraft?
Consider the current state of anti-money laundering efforts across the globe. Around 2% of global GDP is laundered annually, amounting to between $800B – $2T. Banks spend around $8B annually fighting it but affect only 0.1% of criminal finance. What we know then is that the ROI of… Read More
Trump rally ‘VIP’ among six Chinese nationals charged with drug money laundering
20th October 2020
Trump rally ‘VIP’ among six Chinese nationals charged with drug money laundering
A Chinese national whose Instagram page features pictures of him wearing a VIP pass at a 2018 rally for President Donald Trump, is now on U.S. soil after being charged with conspiring to distribute cocaine and laundering the illicit funds, according to court documents filed earlier this week. Tao Liu,… Read More
Crown Resorts executive admits serious failings but denies turning ‘blind eye’ to laundering
15th October 2020
Crown Resorts executive admits serious failings but denies turning ‘blind eye’ to laundering
A senior Crown Resorts executive has conceded a litany of serious failures by the casino operator relating to alleged criminal activities, but insists it wasn’t deliberately turning a blind eye. Deputy chairman John Horvath, previously a personal physician to the late Kerry Packer and chief medical officer of Australia, made… Read More
Chinese casino kingpin behind new Mekong Port to serve Golden Triangle SEZ in Laos
14th October 2020
Chinese casino kingpin behind new Mekong Port to serve Golden Triangle SEZ in Laos
A developer owned by a controversial Chinese casino mogul the U.S. has designated a transnational crime boss is building a new port on the Mekong River in Laos near the Golden Triangle Special Economic Zone, the latest Chinese-backed infrastructure project in the country, sources in Laos told RFA. Featured prominently… Read More
Crown risk management ‘gobbledegook’: Commissioner Bergin
14th October 2020
Crown risk management ‘gobbledegook’: Commissioner Bergin
Commissioner Patricia Bergin, SC, has scorched Crown Resorts’ risk management strategies as counterproductive “gobbledygook” for the average employee as part of the NSW inquiry into the casino giant. Toni Korsanos said she was unaware of debate surrounding her status as an “independent” director when she joined Crown’s board in… Read More
Australian casino regulator takes action against Crown Resorts over high-roller junkets
12th October 2020
Australian casino regulator takes action against Crown Resorts over high-roller junkets
Victoria’s gambling regulator is taking action against James Packer’s Crown Resorts group, accusing it of failing to properly control junket operators who bring high-rollers to its Melbourne casino. The Victorian Commission for Gambling and Liquor Regulation on Friday told Guardian Australia it made the move after wrapping up… Read More
James Packer admits Crown junkets have the potential to be infiltrated by organised crime
8th October 2020
James Packer admits Crown junkets have the potential to be infiltrated by organised crime
Under lengthy questioning James Packer has admitted he has “long been on clear notice of the links” between organisers of gambling junkets at Crown Resorts’ casinos and organised crime, but that he personally did nothing to set risk guidelines for the high-roller operation while executive chairman of the company. Read More
Lithuania unveils strict new KYC rules for gaming operators
7th October 2020
Lithuania unveils strict new KYC rules for gaming operators
Lithuania’s authorities have published a series of strict new know-your-customer guidelines for gaming operators following accusations that the sector is an easy target for money laundering activities. The Gambling Supervision Service, which works under Lithuania’s Ministry of Finance, said the guidelines outline which factors should be taken into account by… Read More
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