Wynn Las Vegas agrees to $130 million forfeit over unlicensed transfers
Wynn Las Vegas, a subsidiary of Wynn Resorts, has agreed to forfeit more than $130 million after admitting criminal wrongdoing related to unlicensed money transfers.
A US Attorney’s Office stated that Wynn Las Vegas (WLV) used unregistered money transmitters to circumvent the regular financial system, particularly to assist foreign gamblers in moving funds into the casino.
A press release detailed the agreement reached with WLV to avoid criminal prosecution, which is said to be the biggest ever forfeit by a casino on the basis of admissions of wrongdoing.
The total amount involved is $130,131,645 (€117.3m/£99.0m).
The Southern District of California, which was the prosecutor in the case, disclosed the prohibited activities that sometimes involved their employees. This included a tangled web of agents and transactions to work around laws in the States, as well as China and Latin America.
One particular agent was said to have been involved in more than 200 transfers worth a total of more than $17m.
Casinos will be held to account
The wider investigation also revealed a further 15 defendants with admissions of money laundering and illegal transfers, as well as other nefarious activities.
The charge sheet brought by prosecutors detailed evidence of WLV knowingly permitting individuals convicted of financial crimes to conduct transactions. This included a failure to report the activity of an individual who spent six years in a Chinese prison for carrying out unauthorized international money transfers.
US attorney Tara McGrath said, “Casinos, like all businesses, will be held to account when they allow customers to evade US laws for the sake of profit.”
“Federal oversight seeks to prevent illegal funds from tainting legitimate businesses, ensuring that casinos offer a clean, thriving, and safe entertainment option,” she added.
Image credit: Via Ideogram
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