Casino Owned by Presidential Candidate

Casino Owned by Presidential Candidate Donald Trump Violated US Anti-Money Laundering Laws Repeatedly 

 Republican presidential candidate Donald Trump has presented himself as a candidate of law and order and even claims that his opponent, Democrat Hillary Clinton, should not be allowed to run for high office because of his past crimes alleged - although he had never been charged, let alone convicted of a crime.

Trump, as an owner and a top executive supervision of Trump Taj Mahal Casino in Atlantic City, New Jersey, however, the United States has violated the laws on money laundering for years, contributing to a decision last year by the Financial Crimes Enforcement Network, FinCEN or federal, to a fine casino $ 10 million for "willful and repeated violations" of US law. These violations violations of the Bank Secrecy Act (BSA, also known as the Law on reporting foreign currency transactions and) which, in part, is designed to prevent money laundering by terrorist groups, corrupt officials foreigners and criminal organizations involved.

"Trump Taj Mahal has a long history of repeated violations of previous BSA examiners cited by 2003," he says a press release announcing the good FinCEN $ 10 million compared to last March Trump Taj Mahal. "In addition, in 1998, FinCEN will impose a $ 477,700 civil penalty against money Trump Taj Mahal to report violations in transaction currencies."

The casino, according to FinCEN, admitted to breaking the law by not:

• Implement and maintain an effective program against money laundering;
• Report suspicious transactions;
• Cash transactions • file reports of cash transactions involving more than $ 10,000; Y
• Keep required records as mandated by the BSA.

"The [International Monetary Fund] IMF estimate and the World Bank that 3 percent to 5 percent of world GDP [gross domestic product] is cleared - about $ 2.17 [billion] to $ 3.61 billion dollars annually, "reports the US State Department on its website. "Drug traffickers, kleptocrats, transnational organized crime are only three major entities involved in the effort to hide their illegal products

"When criminals (including corrupt officials) and organized crime syndicates disguise the illicit nature of their presenting them as legal funds in the flow of trade and legitimate financial products, they not just hide in secret his business of course, but also they are vitiating the international financial system and the erosion of public confidence in its integrity. "

Trump Taj Mahal opened in 1990 under the ownership and control of the current presidential candidate Trump and has since been part of the bankruptcy reorganization four, held in 1991, 2004, 2009 and 2014.

The casino has come out of its final bankruptcy earlier this year with a new owner, and Trump relinquished its remaining 10 percent of the company. The casino was closed earlier this month after negotiations between the new owner, billionaire Carl Icahn, and unionized employees broke down, leaving 3,000 workers unemployed casinos.

With each bankruptcy, ownership and control of Trump Taj Mahal Trump is down. Trump, however, 1995-2009 served as president of the Casino of the parent company, Trump Hotels and Casino Resorts, which was renamed Trump Entertainment Resorts in 2004. 2000-2005 mother also served as head of administration of the company - a period that includes several years when FinCEN said BSA violations occurred in the casino. Trump was also the owner and operator of Trump Taj Mahal in 1990 and 1991, when it carried out the BSA violations cited in the problem FinCEN in 1998.

In fact, one of the most blatant threats of money laundering casino plays under the direction of the company-candidate presidential Trump was the use of a high-level framework would be linked to organized crime. Danny Leung, vice president of Trump Taj Mahal for marketing from 1990 to early 1993, was identified in 1992 by a Senate subcommittee as "a member of the 14K," a criminal organization based in Hong Kong involved in the murder, washing money, extortion and drug trafficking.

The New York Daily News reported in 1995 that, according to regulators in New Jersey, Leung would "flew 16 Italian organized crime in Canada that stole more than $ 1 million in the casino [Trump Taj Mahal] in a credit scam". The newspaper also said the incident was "not informed" that Trump did not press charges.

In announcing the $ 477,700 fine against the Trump Taj Mahal in 1998 (again, a sanction derived from BSA violations that occurred in 1990 and 1991) can FinCEN Director Stanley E. Morris said:

"Casinos are cash-intensive business, and many offer a wide variety of financial services such as banks. Without effective safeguards, which may be vulnerable to money laundering."

anti-money laundering industry experts and former federal prosecutor Charles Intriago, Advisory Director Intriago said that "money laundering is easy to do in a casino" that does not have adequate protective measures, as was the case for years Trump Taj Mahal, including under the ownership of Trump and executive leadership.

Intriago to Narco News in a recent interview that if violations of US laws against money laundering are serious enough, the United States Department of the Treasury, which oversees the FinCEN may go beyond civil penalties and make a criminal referral United States Department of Justice (DOJ) - but says that such references are rare. It is not known whether a criminal referral to the Department of Justice in the case of Trump Taj Mahal was ever due to its multiple violations of US laws against money laundering in recent years. These references are not in the public domain, Intriago said.

FinCEN spokesman Stephen Hudak Narco News he could not comment on the matter Trump Taj Mahal beyond what is already in the documents made public by his office. The press secretary Trump, Hope Hicks, did not respond to a request for comment.

Trump Taj Mahal does not represent the current presidency candidate first time Trump has been associated with commercial transactions accused of not complying with US laws against money laundering.

In 2005, Trump signed a business agreement with a company called Bayrock Group LLC to build a hotel in Moscow. Although this project did not work, Trump later partnered with Bayrock in developing Trump SoHo hotel-condominium in New York.

Trump project in 2007 was shot in the arm, as well as several other Bayrock projects as an investment of 50 million dollars by an investment company in Iceland. This company, FL Group, received the support of the Russians "who were in favor of [Russian President Vladimir] Putin," the briefs filed in a lawsuit against Bayrock alleged.

Bayrock is the target of a pending civil-racketeering lawsuit filed by the former financial director of the company and another employee. The plaintiffs allege in the scriptures that Bayrock is "secret mafia-owned and operated" and accused leaders participate in society "money laundering, conspiracy, bribery, extortion and embezzlement."

The failure of the application of US law to bring criminal proceedings against large financial institutions, including casinos, and its leaders in the case of serious violations of laws against money laundering is a double standard long date in the judicial system U.S. There is a double standard that might have worked for the benefit of the executive management of Trump Taj Mahal, which in recent years failed to ensure that the casino respects the laws.

mega-financial institutions Citigroup, JP Morgan Chase & Co., Wachovia (acquired by Wells Fargo in 2009), HSBC Holdings, ING Bank, Standard Chartered, American Express Bank International, not someone else, for example, were charged in during the last decade, not to comply with US laws against money laundering - which collectively hundreds of billions of dollars in suspicious transactions move through absentee control or adequate supervision banking system.

However, none of these banks, nor any of its executives, has been affected by criminal sanctions.

"Any financial crime has a money laundering component" Intirago said in a previous interview with Narco News. "... If you are an individual, and get caught, you get hammered.

"But if you're a big bank [or casino] and it is taken to transfer money to a terrorist trader or drugs, you need not worry. Just fork over a fine, then raise your fees to compensate for this."

Therefore, the fact that criminal charges were apparently never out against Trump Taj Mahal or executive management, including Trump, does not mean that serious damage was not done by the failure of US casino AML laws.

"Trump Taj Mahal has received many warnings about its shortcomings," said the current director of FinCEN Jennifer Shasky Calvery in a prepared statement. "Like all casinos in the country, the Trump Taj Mahal has a duty to help protect our financial system being exploited by criminals, terrorists and other bad actors. Far from meeting those expectations, practices of poor compliance, since many years [since 1998] has left the casino and our financial system exposed unacceptable. "