A special task force on money-laundering and tax-dodgers has discoverd the latest modus-operandi of certain “professional money-launderers”.
These money-launderers abused the account facilities provided by casinos to carry out their “fishy” transactions.
A probe on the transactions revealed that certain account holders had frequented the casinos at Genting Highlands and withdrew cash as much as RM1 million from their accounts before converting the money into gambling chips.
“After playing for some time, these accounts holders would return to the counters to change their chips by requesting cheques to be issued on the balance,” a source told FMT.
He said once the cheque was issued, they would deposit it into their normal accounts.
“These transactions were carried out as a safeguard from any queries from enforcement agencies including the Inland Revenue Department (IRD),” he revealed.
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