October 14, 2020

Involved in Money Laundering Singapore Sands Casino under US Investigation

Involved in Money Laundering, Singapore Sands Casino is currently under the Investigation by the US Department of Justice.

 

The Sands Casino is under LasVegas Sands Corp created by Sheldon Adelson, an American billionaire. It is also one of the most profitable casinos among the world, generating about more than one-fifth of the group’s revenue and one-third of its operating income separately.

 

In order to investigate any omissions in the internal financial supervision, the US Department of Justice issued a subpoena to a former compliance officer in January this year. According to the legal document, it requested to view all records and documents regarding money laundering and abuse of internal credit control of Singapore Sands. The authorities also required the officer to produce any records related to illegal activities, including third-party loans through gambling intermediaries and the use of casino credit.

 

The authorities are also investigating whether the whistleblower in this case is under threat. The investigation is also about a former casino employee assisting high-roller gamblers to transfer their funds.

 

Meanwhile, the Casino Regulatory Authority of Singapore is also investigating Sand Casino over its transfer policy. However, the Casino Regulatory Authority declined to comment on their investigation. It said that no request received from the US Department of Justice for assistance in the AML case. The Ministry of Justice is also looking into how Sands Casino handles VIP gamblers, and the investigation is still in its early stages.

 

It is reported that a former Chinese VIP gambler sued Sands Casino last year. He said they transferred 9.1 million SGD(US$6.64 million ) from his deposit account without authorization. The Casino Regulatory Authority asked Sands Casino to review its third-party transfer process. Factually, when under an authorization, this type of transfer could be made legally to allocate casino clients’ balance among their different overseas casino accounts.

 

The Casino Regulatory Authority stated that it will ensure that the local casinos, including Sands Casinos, are not affected or exploited by crimes. So they would take any allegations of unauthorized remittances seriously.

 

In addition, the regulatory authority requires local casinos to implement internal controls and check authorization of fund transfers, as well as to comply with the requirements to prevent money laundering and terrorist financing.

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