Prosecutors in Taiwan have indicted 10 people for operating a cross-border money laundering ring that utilized Macau casinos to clean more than US$1 billion in funds using credit cards.
The Yunlin District Prosecutors Office said Monday it had cracked the case after receiving intelligence from the Criminal Investigation Bureau that a criminal group was suspected of recruiting a large number of money launderers to launder money in Macau through a sophisticated division of labor and cross-border operations.
The group, mostly aged between 35 and 40, were found to have consolidated illicit funds obtained in mainland China into cash or via bank transfer, using nominee accounts to conceal the source of the funds.
