Donald Trump Violated Money Laundering Laws 106 Times With Single Casino
New Report Details Trump’s Shocking Number Of Money Laundering Violations.
Donald Trump’s failed Trump Taj Mahal casino violated anti-money laundering rules 106 times in a just its first year and a half of operation, according to a new report.
CNN reported that according to a 1998 settlement with the IRS in the early 1990s Trump’s casino was a flagrant violator for money laundering.
According to the CNN report, “The casino repeatedly failed to properly report gamblers who cashed out $10,000 or more in a single day, the government said. Trump’s casino ended up paying the Treasury Department a $477,000 fine in 1998 without admitting any liability under the Bank Secrecy Act.”
Trump’s settlement with the federal ” was the largest fine the federal government ever slapped on a casino for violating the Bank Secrecy Act.”
The House and Senate investigators both requested and were granted access to the Treasury Department’s Finacial Crimes Enforcement Network to investigate financial connections between Trump or his aides and the Russians.
Here is how CNN reports the history of Trump’s money laundering settlement:
Normally, if a gambler cashes out $10,000-plus in a single day, the casino must fill out a form listing their name, physical address, Social Security number, and birthdate. The casino has 15 days to send the form to the IRS.
According to a dozen anti-money laundering experts, casinos often run into these problems. But getting caught with 106 violations in the casino’s opening years is an indicator of a serious problem, they said.
The violations date back to a time when the Taj Mahal was the preferred gambling spot for Russian mobsters living in Brooklyn, according to federal investigators who tracked organized crime in New York City. They also occurred at a time when the Taj Mahal casino was short on cash and on the verge of bankruptcy.
Trump took on an enormous amount of debt to launch what was — at the time — the world’s largest, most flamboyant casino.
You can read the full CNN report here.
