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Taipei investigates HK firm over illegal cash deals for Macau gamblers – The Standard HKG’s World famous laundry

Taipei investigates HK firm over illegal cash deals for Macau gamblers
(01-10 22:38)

Taiwanese prosecutors said they are investigating a locally-based Hong
Kong firm for allegedly carrying out huge money transfers for use in
Macau casinos, circumventing strict forex rules.
The company, which opened in Taiwan in 2009, allegedly accepted deposits
by Taiwanese gamblers allowing them to withdraw the money once they were
in Macau, said the Taipei district prosecutors’ office. Prosecutors, who
declined to identify the firm, said they suspected it was behind a total
of US$179 million in illegal transactions, AFP reports.
The head of the company was questioned yesterday on suspicion of
violating Taiwanese law which stipulates only banks are allowed to
handle domestic and international money transfers, it said in a
Taiwanese media said the services are popular among some gamblers due to
Taiwanese laws restricting the amount of cash travellers can take with
them abroad to US$10,000 per person.
The company reportedly also offered cash advances to entertainers,
elected officials, business tycoons and leading gangsters to help
promote business for the Macau casinos.
As there currently is no legal casino in Taiwan, many of the island’s
gamblers have turned to Macau, which is little more than an hour away by
airplane. The offshore Taiwanese island of Matsu last year passed a
referendum to open the first legal casino in Taiwan, although it is
still pending a separate law by the parliament on regulating gambling

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