Casino Fined Record $75 Million For ‘Willful’ Money Laundering Violations

Casino Fined Record $75 Million For ‘Willful’ Money Laundering Violations

Trouble in Paradise: The Tinian Dynasty Hotel and Casino, where money-laundering violations were systematic, according to FinCEN.

A Pacific Island casino has been fined a record $75 million for violation of anti-money-laundering regulations.

The US Financial Crimes Enforcement Network FinCEN said this week that the Tinian Dynasty Hotel & Casino in the Northern Mariana Islands had been guilty of a ‘willful and egregious’ flouting associated with the Bank Secrecy Act for failing woefully to file thousands of CTR (money transaction reports).

The islands are a territory that is unincorporated of United States and therefore liable to abide by its regulations.

Because the passage associated with the Money Laundering Control Act 1986 it happens to be a requirement for all US financial institutions to file a CTR to FinCEN for just about any currency transaction over $10,000, as a measure to combat money laundering.

The act really eliminated the ‘right to privacy that is financial by declaring that a financial institution would no much longer be held liable for declaring suspicious financial transactions to your authorities.

Financial Clampdown

While banking institutions have actually abided by these laws for the part that is best of two decades, FinCEN has recently clamped down regarding the casino industry, where the relationship between operator and high-rolling customer has usually been more discreet.

La Continue reading “Casino Fined Record $75 Million For ‘Willful’ Money Laundering Violations”

Blatter Re-Elected As FIFA President, Soccer World Is In Turmoil

Blatter Re-Elected As FIFA President, Soccer World Is In Turmoil

Sepp Blatter has been re-elected, but some sort of Cup boycott would be damaging for the industry that is betting.

Sepp Blatter, the controversial head of FIFA, has been re-elected as president of this world soccer governing body.

Despite many years of condemnation, negative headlines, and the arrests of seven top FIFA officials on corruption fees, Blatter has ignored widespread demands their resignation this week.

Rather, he received endorsement from 133 of 209 FIFA member delegates at the company’s annual meeting that is general Zurich and will continue to preside over world football for his fifth tenure.

His challenger, Prince Ali Bin Al-Hussein of Jordan, withdrew following the first round of voting.

‘ For the next four years I shall be in command with this ship called FIFA. Beach soccer is played everywhere,’ crowed the 79-old Swiss, amid titters from the press bench. ‘Let’s go FIFA, Let’s go FIFA. Many thanks.’

Conspiracy

Blatter denied duty for last weeks arrests, caused by a 47-count indictment filed in federal court in Brooklyn against 14 people, accused, variously, of racketeering, wire fraudulence and money laundering conspiracy.

FIFA officials are accused of accepting bribes worth over $150 million in return for offering lucrative World Cup media and advertising legal rights to different businesses and national football associations.

Under investigation are the controversial decisions to award World tha Continue reading “Blatter Re-Elected As FIFA President, Soccer World Is In Turmoil”