Yahoo Finance Park Lane casino has licence revoked amid money laundering allegations
A high-rolling Park Lane casino popular with multi-millionaires has had its licence revoked by the Gambling Commission amid allegations over money laundering.
The Commission announced yesterday it was taking action against the Park Lane Club because it was "not satisfied as to the source of funds" used to acquire and support the licensee.
The Club is believed to be owned by businessman Vasilijis Melniks who has been accused of embezzling and laundering 54 million Euros as part of a deal with the Ukrainian state-owned energy company Naftogaz.
He has denied the allegations.
It has previously been fined £1.8 million by the Gambling Commission over the club's alleged failure to carry out adequate due diligence checks on some of its biggest gamblers under money laundering rules.
It was also accused of failing to take action to prevent potential problem gambling or spotting the indicators which included a customer asking for his winnings to be transferred to his personal bank account to prevent him playing further.
Another gambler was violent to staff and damaged property.
Helen Venn, executive director of the Commission, said: “We revoked this licence because we are not satisfied as to the source of funds (SOF) used to acquire and support the Licensee at the time of the change of corporate control or to whom future profits of the Licensee would be paid.
"We also identified concerns with the suitability of the new controller because of its unsatisfactory history in providing information requested as part of our enquiries.
“We regulate gambling in the public interest and to maintain public confidence in the industry. In doing this we must be provided with information about those who run or have significant interest in gambling businesses."
The club has been contacted for comment.
