The U.S. attorney for the Districts of Guam and the Northern Mariana Islands last week announced that Hong Kong Entertainment, doing business as Tinian Dynasty Hotel & Casino on the island of Tinian, must forfeit .5 million following a criminal investigation that uncovered millions in unreported cash transactions. It is the largest forfeiture in NMI history, reported Marianas Variety.
According to federal law, casinos must report all cash transactions of more than $10,000. Filings revealed that Tinian Dynasty failed to document more than $138 million in reportable cash transactions from October 2009 through April 2013.
The settlement, which will enable the operator to avoid prosecution, also obligates Tinian Dynasty to fully cooperate with the United States in ongoing criminal investigations and to comply with reporting requirements, the publication noted.
U.S. Attorney Alicia A.G. Limtiaco said the forfeiture “is the culmination of a year-long investigation. … The IRS Criminal Investigation, the U.S. Attorney’s Office, and the Department of Justice will continue to partner together to ensure casinos, financial institutions and businesses comply with the requirements of federal law and other financial regulations.”
Special Agent in Charge Teri Alexander of the IRS added, “The Bank Secrecy laws were enacted to curtail the movement of ill-gotten gains through our financial institutions. When one of those entities shirks their duty and fails to comply with the law requiring the examining and reporting of certain financial transactions, it creates an entry point for would-be criminals to circumvent rules intended to frustrate and detect their criminal enterprises.
“Together with the U.S. Attorney’s Office, we will continue to monitor the gaming industry to ensure the integrity of our financial markets.”
