Financial Crime World

Title: Record $3.04 Million Forfeited by Northern Mariana Casino for Unreported Cash Transactions

Saipan, NORTHERN MARIANA ISLANDS

The United States Department of Justice (DoJ) announced a record-breaking forfeiture of $3.04 million by a Saipan-based casino in a criminal case concerning unreported cash transactions over $138 million.

Criminal Allegations

A criminal information filed in the District Court of the Northern Mariana Islands accuses the casino of failing to file Currency Transaction Reports (CTRs) for transactions exceeding $10,000, as required under the Bank Secrecy Act (BSA).

Cooperation with Authorities

The DoJ press release revealed that the casino had voluntarily disclosed this issue to the Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service Criminal Investigation Division (IRS-CI). Moreover, the casino’s management cooperated fully with the authorities and acknowledged the criminal conduct and the financial forfeiture.

Government Response

Acting U.S. Attorney for the Northern Mariana Islands, Frank H. Conpsonis, emphasized, “Financial institutions in the Northern Mariana Islands are required to adhere to the same reporting procedures under the Bank Secrecy Act as found in the United States. Failure to comply can result in serious consequences.”

Joint Investigation

Following a joint investigation by the DoJ, FinCEN, and IRS-CI, this significant criminal settlement underscores the government’s commitment to enforcing BSA regulations within its territories.

Implications

This development symbolizes the largest criminal forfeiture involving a casino in NMI and underscores the increased vigilance towards combating financial crimes in the islands. The DoJ’s announcement serves as a reminder that financial reporting requirements, irrespective of location, will be enforced to ensure transparency and to deter potential financial crimes.

  • Largest criminal forfeiture involving a casino in NMI
  • Significant amount for the Northern Mariana Islands
  • Demonstrates the government’s commitment to enforcing BSA regulations within its territories
  • Reinforces increased vigilance towards combating financial crimes in the islands
  • Reminder that financial reporting requirements will be enforced to ensure transparency and deter potential financial crimes.