The three-person committee will investigate allegations of high-roller money laundering at the Marina Bay Sands property.
Singapore.- US-based operator Las Vegas Sands has set up a committee to investigate its Marina Bay Sands operation following allegations of breaches in anti-money laundering procedures.
According to Bloomberg, the committee comprises three independent board members who will review money transfers between high-rollers and third parties at the Singapore property as well as any retaliation against whistleblowers.
North American law firm Vinson & Elkins LLP has been hired to assist in the investigation into what it Sands’ second most profitable property after the Venetian Macao.
Meanwhile, authorities in Singapore are working to establish a new centralised authority to oversee the gaming industry by the end of this year. It’s expected that they could tighten rules for casinos.
Money laundering accusations at Marina Bay Sands
The internal investigation has been launched after a former customer, Wang Xi, complained that Marina Bay Sands had transferred S$9.1m (US$6.8m) from his casino account to other gamblers without notification.
While Wang’s case was resolved in June with no admission of liability by either party, the accusation drew attention to the property from both the US Department of Justice (DOJ) and Singapore authorities. The DOJ is undertaking its own investigation into the potential breach of money laundering policies at the property.
Meanwhile, an internal probe has found that Wang’s case was not an isolated incident and that thousands of transfers totalling up to S$1.64bn were facilitated between gamblers by casino employees between 2010 and 2018.