As a country renowned for both physical and online casinos, it’s not surprising to know that the gambling authority has a strong commitment towards keeping money laundering out of its operations. For this reason, there are anti-money laundering procedures in place to ensure that such illegitimate activities do not take place.
However, in recent times, arguably the most famous casino operator in Singapore, Las Vegas Sands Corporation, has seen the need to review the performance and effectiveness of anti-money laundering procedures at Marina Bay Sands property belonging to the Corporation for various reasons.
GGRAsia reported that the panel would include three independent board members. Also, the group will use the service of Vinson and Elkins LLP, an American Law Firm. Majorly, the internal examination will focus on money transfers that entail high-value patrons belonging to the 2,561-room property, including allegations of retaliating on a whistle-blower. Read further to learn more.
Summary of the News
For a decade now, the three-tower Singapore structure has been managed by Las Vegas Sands Corporation. However, the venture reportedly entered trouble in the previous year when officials from the US started a formal inquiry into a possible anti-money laundering regulation breach. This is supposed to be a preliminary arbitration outside the courts, to which the company decided in September. The organization claims it had sent about $6.5 million in cash negligently from a VIP account to some individuals without the client’s express permission.
Besides, Casino Regulatory Authority has been questioning Las Vegas Sands Corporation concerning money transfer policies at Marina Bay Sands. This could lead to partial suspension. In the worst scenario, the gambling license of the Corporation could be revoked completely. Therefore, Las Vegas Sands Corporation moved to invite a reputable local law firm, namely Davinder Singh Chambers. The firm is saddled with the responsibility of performing independent probe into the casino’s method of conducting third-party gambler deposit transfers.
In addition, Sands China Limited has an important stake in Asian casino operator. The Institute is in charge of Macao Plaza, Sands Macao, Macao Venetians and Macao Parisian venues. Also, it is working towards using about $2 billion for the transformation of its Sands Cotai Centra development into a new masterpiece, The Londoner Macao. This year, the Corporation earmarked $6.25 billion to exit from the American casino market by selling The Venetian Resort Hotel Casino, including the available 3000-room The Palazzo Hotel and Sands Expo and Convention Center.
Meanwhile, Las Vegas Sands Corporation received permission to extend its Singapore casino license for ten years. Also, the company announced its readiness to spend about $3.3 Billion to develop the fourth tower, among other non-gaming amenities at Marina Bay Sands development. More so, the new arrangement allowed the New York-listed Corporation to increase the venue of the casino by 21,527 sq. ft. while adding close to 1,000 gaming machines to its current 2500 units.
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