Tag: Macau Launder Money
How China’s Filthy Rich Use Macau To Launder Their Money
November 14, 2013
Business Insider – A stunning $202 billion in “ill-gotten funds are channeled through Macau each year,” according to The Congressional-Executive Commission on China Annual Report 2013. Diplomatic cables released by Wikileaks claimed that the casino and hospitality sector accounted for over 50% of Macau’s GDP but that, “its phenomenal success is based on a formula that facilitates if not encourages money laundering.” And a lot of that money comes from China. Macau casinos pulled in a record 36.5 billion patacas ($4.57 billion) in revenue in October, largely driven by Chinese visitors. In 1999, Macau saw 800,000 mainland Chinese tourists. That figure…