{"id":10746,"date":"2020-06-01T16:25:22","date_gmt":"2020-06-01T16:25:22","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=10746"},"modified":"2020-06-01T12:27:27","modified_gmt":"2020-06-01T12:27:27","slug":"imperial-pacific-still-trying-to-delay-us-treasury-departments-financial-probe","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/imperial-pacific-still-trying-to-delay-us-treasury-departments-financial-probe\/","title":{"rendered":"Imperial Pacific Still Trying to Delay US Treasury’s FinCEN Probe"},"content":{"rendered":"

\"ImperialImperial Pacific International<\/a> (IPI), a casino operator out of Saipan, is currently the target of the US Treasury Department\u2019s Financial Crimes Enforcement Network (FinCEN), which detected anomalies with IPI\u2019s handling of the Bank Secrecy Act in their operations. <\/p>\n

Edward Deleon Guerrero<\/strong>, the recently appointed chairman of the Commonwealth Casino Commission (CCC) believes that the IPI is trying in vain to delay FinCEN\u2019s possible probe. According to Guerrero, IPI has had a long history of ignoring payment demands from its contractors, but ignoring FinCEN may come with a larger price.<\/p>\n

In their annual report for 2019<\/a>, IPI noted that FinCEN had sent the company a letter informing it of potential violations related to the Bank Secrecy Act; FinCEN also noted that they are still deciding on the next course of action against IPI. <\/p>\n

According to IPI, FinCEN had already conducted a BSA-related probe in 2017, and is currently seeking documents dated from October in 2016 up to today. IPI\u2019s annual report stated that the company is still trying to collate all the necessary documents and information for FinCEN. <\/p>\n

A potential reason for IPI\u2019s inability to put out the required information is the Federal Bureau of Investigation\u2019s (FBI) raid on their offices in November, in which documents and storage devices were seized from their locations. The FBI has since stated that IPI is being investigated for potential illegal contributions to the Commonwealth of the Northern Mariana Islands\u2019 (CNMI) Governor, Ralph Torres<\/strong>, money laundering, wire fraud, and money laundering. <\/p>\n

IPI\u2019s Long Public History of Financial Woes<\/h2>\n

According to Guerrero, IPI has no other choice but to respond quickly to FinCEN, as the watchdog will not likely be as easy to ignore as IPI\u2019s contractors. <\/p>\n

IPI has had a long public history of being unable to pay vendors. Pacific Rim Land Development has won legal battles for $5.6 million in outstanding payments from IPI, while the Sardini Group sued IPI last week for unpaid fees\u2014to the tune of $2 million\u2014from work done in 2016.<\/p>\n

IPI has said that it does not have the resources to pay Pacific Rim, warning that the company will have to close permanently if courts force them to pay. Earlier this month, IPI also lost their electrical power after the Commonwealth Utility Corp<\/strong> (CUC) cut off their supply for non-payment. The power was reinstated within a day; however, the CUC cut off power for the buildings housing IPI construction workers this week. <\/p>\n

IPI currently has no leadership to help it recover from its troubles. IPI has no CEO after Mark Brown<\/strong>\u2019s resignation in December 2019<\/a>. The company also lost its CFO last month.<\/p>\n","protected":false},"excerpt":{"rendered":"

Imperial Pacific International (IPI), a casino operator out of Saipan, is currently the target of the US Treasury Department\u2019s Financial Crimes Enforcement Network (FinCEN), which detected anomalies with IPI\u2019s handling of the Bank Secrecy Act in their operations. Edward Deleon Guerrero, the recently appointed chairman of the Commonwealth Casino Commission (CCC) believes that the IPI […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,2,1],"tags":[],"class_list":["post-10746","post","type-post","status-publish","format-standard","hentry","category-casino","category-legislation","category-usa"],"yoast_head":"\nImperial Pacific Still Trying to Delay US Treasury's FinCEN Probe<\/title>\n<meta name=\"description\" content=\"Imperial Pacific International is currently the target of the US Treasury Department\u2019s Financial Crimes Enforcement Network, which detected anomalies with IPI\u2019s handling of the Bank Secrecy Act in their operations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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