TURKISH CYPRIOT PRESS REPORTS A PROBE INTO LAUNDERING OF $5 BILLION IN 13 CASINOS

The Cyprus Mail on 22nd May reported that the Turkish Board of Investigation on Financial Crimes (MASAK) has launched an investigation into money laundering of $5 billion in 13 casinos in the north and the 20 businesses involved in their operation.  It also says that prosecutors ordered the confiscation of $100 million linked to suspects after an earlier investigation by MASAK discovered that the casinos in the breakaway regime were involved in the transfer of large amounts of foreign currency.  The transfers were said to have been made through the accounts of 7 casino managers and the personal accounts of staff at 20 companies owned by the casinos.

https://cyprus-mail.com/2018/05/22/turkish-cypriot-press-reports-probe-into-laundering-of-5-billion-in-13-casinos/?src=ilaw

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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