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Money laundering investigation
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- Marina Bay Sands Expansion Since Marina Bay Sands opened in 2010, it has set the standard in Asian gaming. The iconic structure now is not only a famous tourist destination, but a commonly-shown Singaporean landmark. Las Vegas Sands founder Sheldon Adelson said the entertainment arena should take the resort’s appeal to another level.
Marina Bay Sands is pleased to be certified as SG Clean by the Singapore Government in recognition of our commitment towards the highest levels of sanitisation and hygiene. The SG Clean Quality mark applies to the entire integrated resort and highlights our commitment to safeguard our communities’ well-being, by adhering to the Government’s. Marina Bay Sands draws in law office to direct free examination Posted on September 17, 2020 by xfrn In Singapore and the administrator behind the famous Marina Bay Sands property has allegedly recruited an external law office to direct an autonomous examination concerning how the coordinated club resort handles the outsider exchange of.
The United States Department of Justice (DOJ) is reportedly investigating the Marina Bay Sands Casino in Singapore for possible anti-money laundering regulations violations.
interested in records relating to how the casino does business with junket operators and VIP gamblers
Bloomberg reported on Thursday that a grand jury subpoena was issued in January to a former compliance officer at Marina Bay Sands. Authorities are looking for information relating to “money laundering facilitation” and the potential abuse of internal financial controls. Prosecutors are particularly interested in records relating to how the casino does business with junket operators and VIP gamblers.
Further, the DOJ is investigating any possible retaliation against whistleblowers and wants information on a former Marina Bay Sands employee who processed high roller fund transfers.
Little comment from parties involved
A spokesperson from the US Attorney’s Office in Las Vegas unable to confirm or deny anything to Bloomberg about the ongoing investigation. Bloomberg sources familiar with the inquiry say that it is likely in its early stages.
The casino issued a written response to Bloomberg saying it is taking suggestions of inappropriate activity seriously and that all allegations are being fully investigated. Marina Bay Sands and its parent company, Sheldon Adelson’s Las Vegas Sands Corporation, say that no DOJ requests have been made.
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DOJ has a history with Sands
This isn’t the first time in recent years that Las Vegas Sands has had run-ins with the Department of Justice. In 2013, the company had to pay $47.4m after a federal investigation found that the company failed to report suspicious high roller deposits in Las Vegas.
willingly failed to validate the legitimacy of about $5.8m in payments to a consultant
In 2017, it paid $6.96m to end an examination into alleged bribes paid to government officials in Macau and China. Las Vegas Sands also admitted that it willingly failed to validate the legitimacy of about $5.8m in payments to a consultant.
In addition, a probe by Singapore’s Casino Regulatory Authority into Marina Bay Sands’ money transfer policies is still ongoing.
Looking for answers
The Marina Bay Sands casino in Singapore has reportedly hired a law firm to help carry out an investigation into employees transferring more than $1bn of gamblers’ funds to third parties.
The Las Vegas Sands Corp-owned casino has engaged Davinder Singh Chambers LLC, a well-known law firm in Singapore that specializes in international arbitration and dispute resolution. The firm will be reviewing the handling of transfer requests by casino staff to ensure that all relevant anti-money laundering protocols were followed.
potential anti-money laundering regulations violations
Davinder Singh Chambers LLC’s appointment comes after police in Singapore started a probe of third-party transfers at the casino. The US Department of Justice has also been scrutinizing potential anti-money laundering regulations violations at the Marina Bay Sands, with a particular interest in how the casino does business with VIP gamblers and junket operators.
Probe comes after recent lawsuit
The latest internal investigation is not the first time that the Marina Bay Sands has had to look into transfers to third parties. Last year, the casino faced lawsuit allegations that it had transferred S$9.1m (US$6.7m) of a patron’s funds without his knowledge.
allegations that it had transferred S$9.1m (US$6.7m) of a patron’s funds without his knowledge
An out-of-court settlement was reached in July 2020 and saw the casino reimburse the total sum to patron Wang Xi. Both parties agreed to a “non-admission” of liability. In a statement on the lawsuit, Marina Bay Sands informed that it immediately and thoroughly investigated all concerns. The probe concluded that no money had been transferred against Wang’s intent.
Earlier internal review
Marina Bay Sands underwent a prior internal review after Singapore’s Casino Regulatory Authority (CRA) initiated a probe into the casino’s handling of transfers following Wang’s 2019 lawsuit.
At the time, the Hogan Lovells law firm looked at the facility’s transactions from 2013 to 2017 and found that employees were not always properly following the necessary compliance standards. These included cases where payment details were being filled out on photocopied or pre-signed authorization forms. Investigators also uncovered instances which saw original documents destroyed.
The CRA ultimately advised Marina Bay Sands to strengthen its control measures, but it did not discover any breaches of anti-money laundering requirements. A statement by the CRA on the matter expressed the authority’s commitment to “continue to exercise close oversight to ensure that MBS’ measures are effective.”
Important region for LVS
The Asian operations of Las Vegas Sands (LVS) are very important to the company, having contributed approximately 85% of the total $13.7bn revenue in 2019. As well as the Marina Bay Sands in Singapore, the largest casino company in the world has numerous properties in Macau through its Sands China subsidiary. This is in addition to the properties it owns in the United States.
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The Singapore casino has been operating at reduced capacity since July 1 following COVID-19 enforced closures. A $2.71bn loan was secured in 2019 to finance the expansion of the resort.