The Straits Times
Published on Jan 10, 2013

Taiwan probes illegal money transfer for Macau casinos


TAIPEI (AFP) - Taiwanese prosecutors said on Thursday they were investigating a locally-based Hong Kong firm for allegedly carrying out huge money transfers for use in Macau casinos, circumventing strict forex rules.

The company, which opened in Taiwan in 2009, allegedly accepted deposits by Taiwanese gamblers allowing them to withdraw the money once they were in Macau, said the Taipei district prosecutors' office.

Prosecutors, who declined to identify the firm, said they suspected it was behind a total of US$179 million (S$221 million) in illegal transactions.

The head of the company was questioned on Wednesday on suspicion of violating Taiwanese law which stipulates only banks are allowed to handle domestic and international money transfers, it said in a statement.