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Over 800 suspicious casino deals in 2010

22/06/2011 18:52:00
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In 2010 local casinos filed 814 suspicious transaction reports (STRs) with the gaming regulator, according to official data released by the Gaming Inspection and Coordination Bureau. However, only two of those transactions were heard in court.
The STRs were created as a tool to prevent money laundering. But in the last four years the number of cases sent to the Public Attorney’s Office (MP) was only a small percentage of all reports.
In 2007, 64 cases were sent to the MP, a figure that rose to around 100 in the last three years. Of those, only five resulted in prosecution and then later in convictions: one in 2007, another in 2008 and three in 2009.
In our June 10 edition, we published that the number of STRs filed in 2010 was close to 300,000. In truth however, this figure accounts for the number of currency transaction reports (CTRs), which are mandatorily filed by casinos on any transaction involving MOP 500,000 or more. We apologise for this error in our report.

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