A federal commission studying US relations with China has recommended closer examination of gaming in Macau, saying weak financial controls pose “significant risk” of money laundering and terrorist financing.
The report, issued by the US-China Economic Security Review Commission, stopped short of saying US security interests might be at stake, but commission chairman William Reinsch said what it found “was disturbing and raises the question that possibility is out there.”
The 12-member panel, composed of experts in trade, intelligence, defence and international affairs, said it “did not seek nor did it find evidence of wrongdoing by any US-based casino company, either in Macau or in Las Vegas.”
But several commissioners suggested that federal oversight or regulation of US gaming companies doing business in Macau might be merited. The commission recommended the US press Macau to fix shortcomings in its financial regulations.
Potential reforms could include a more effective process of freezing assets of suspected criminals and reducing the high $62,500 threshold for reporting suspicious casino transactions.
