Taiwan Busts Money-Laundering Operation That Took Advantage of Macau’s Casinos

Taiwan has successfully busted a multi-billion-dollar crime ring that used casinos in Macau to launder illicit proceeds. A total of 10 people have been indicted for operating the scheme and violating Taiwan’s law.

The Operation Laundered Money via Macau’s Casinos

Taiwan’s Criminal Investigation Bureau announced that it has put an end to the scheme, which was reportedly operated by a 31-year-old man. The mastermind behind the operation allegedly recruited others to serve as money mules and launder the money.

The criminals reportedly cleaned illicit proceeds obtained in mainland China via bank transfers. They are said to have used nominee accounts to conceal the source of the money. The money was then transferred into several accounts in order to abuse credit card overpayment mechanisms and artificially increase available credit limits.  

Then, the money mules would go to Macau, where they would purchase casino chips and gamble briefly before cashing out. This effectively laundered the illicit proceeds, making it appear as money that was legally obtained in Macau.

Ten People Have Been Indicted

Yesterday, the Yunlin District Prosecutors Office said that authorities uncovered almost $9 billion in laundered funds. Investigators learned that $1 billion had been transferred into Taiwan and seized $8 million from various accounts. Other confiscated items included mobile devices, money counting machines, and multiple credit cards.

The members of the money laundering ring were accused of violating Taiwan’s gambling and money laundering rules. Officials emphasized that the sums they laundered were staggering and that the operation was a threat to Taiwan’s financial order.

The Yunlin District Prosecutors Office vowed to continue protecting the order from cross-border financial crime and punish all manners of illicit financial activity. The office added that it will do everything in its power to prevent criminal groups from evading legal sanctions via overseas operations.

Taiwan Busted a $1B Illegal Gambling Operation

This is not the first time criminal gangs have exploited financial systems to make illicit proceeds. Earlier this year, Taiwan authorities cracked down on an illegal gambling operation that posed as a diner.

The operation had found ways to transact money to and from illegal gambling websites, while avoiding any associated safeguards. This allowed visitors of the den to deposit and withdraw money into illegal gambling websites and play.

Later, the operation’s mastermind launched his own online gambling website and processed almost a billion dollars.