Inside Asian Gaming

IN FOCUS they say it left out key transactions. The report was filed a month after Mr Ye’s Mexico City home was raided by police and $207 million in US currency was seized. He was later indicted in the US on narcotics charges, but the case was dismissed in 2009. He is awaiting extradition to Mexico, where he faces drug trafficking charges. According to a statement from the US Attorney’s Office, LVS admitted “in hindsight that it failed to fully appreciate the suspicious nature of the information or lack thereof pertaining to Ye Gon,” and the government agreed not to prosecute based on the company’s cooperation, according to a letter dated 26th August from Assistant US Attorney Kevin Rosenberg and cited by Reuters . The terms of the agreement require Sands to conduct two years of reviews of its anti-money laundering policies and file periodic reports with the government. The company also has agreed not to use accounts with generic names. “All companies, especially casinos, are now on notice that America’s anti-money laundering laws apply to all people and every corporation, even if that company risks losing its most profitable customer,” said US Attorney André Birotte. The Journal notes that LVS also was under federal investigation in connection with its handling of funds from a second high roller, who was later convicted of a crime, but he wasn’t named in the agreement. In a separate case, the company acknowledged in March that it had “likely” violated record-keeping provisions of the US Foreign Corrupt Practices Act, which outlaws the bribery of foreign officials. Sands has said it is cooperating with that investigation, which was launched early in 2011 and is ongoing. Prosecutors say at least one LVS officer warned The Venetian about Mr Ye; and in April 2007, the property filed what is known as a “suspicious activity report” on him, as required by federal law; but they say it left out key transactions.