Australian Casino Officials Said to Help Chinese Junketeers in Suspected Money Laundering
One operator is suspected of being Bo Xilai’s bagman, another is on trial in Macau
The Australian Securities & Investments Commission (ASIC) has launched civil penalty proceedings against 11 current and former top executives of Star Entertainment Group, an Australian-listed casino operator, for lax treatment of two junket operators, Alvin Chau and Qin Sixin, the regulator announced on December 15.
The watchdog is seeking financial penalties and disqualification of the defendants. According to Deputy Chair Sarah Court, ASIC “alleges that Star’s board and executives failed to give sufficient focus to the risk of money laundering and criminal associations, which are inherent in the operation of a large casino with an international customer base.”
Qin was reportedly arrested in Macau 2012 for alleged involvement in money laundering and illegal banking activities designed to circumvent Chinese restrictions on the transfer of funds out of China), according to the ASIC statement of claim, which alleged that his activities possibly involved money “laundered by or for Bo Xilai, the former Chinese Minister for Commerce and member of the Politburo of the Chinese Communist Party (who was convicted of charges relating to corruption, bribery, and abuse of power in September 2013) and in connection with amounts received by Mr. Qin at a Las Vegas casino in the amount of $1.65 million in September 2009.”…