How CASINOS serve as Epicenters of Money Laundering.

Let's imagine you're a public official, and you make 1 000 Euros or dollars every month you can never justify. spending a million euros on real estate people would think you had accepted bribes but you may take them to a casino change them to chips or even play poker, and that you can easily declare I won, this money in a casino and now you can, spend this money without any fear sounds like some Hollywood Thriller right but it actually happens in the real world too every casino on the globe serves as, a center for money laundering according to a report prepared by the provincial, government casinos in British Columbia. were used to launder billions of dollars in cash in the past few years similarly every year American casinos record 50, 000 incidents of suspicious conduct which makes us Wonder our casino is the easiest way to launder money so let's begin. making significant sums of money, obtained through illicit activity appear, to have originated from a legitimate. Source known as money laundering the money from the criminal activity is, considered dirty and the process, launders it to make it look clean it is. a crime that affects multiple sectors of the economy businesses that deal in high. volumes of cash such as hotels and. restaurants are most likely to launder money in one of the sectors with the, biggest risk of money laundering is the, casino industry, casinos engage in a variety of financial, activities that are similar to those of, financial institutions moreover casinos have consequently established themselves. as a lucrative sector for those wishing, to convert illicit or dirty money into, clean money this is the reason that. money launderers find the casino, business to be a lucrative one for their. illegal activities as well as they provide a lot of camouflage in fact, casinos are popular hot spots for, criminals criminals who try to launder, their proceeds from illegal Ventures like drug trafficking and human. trafficking often Target the casino, business moreover they are now laundering a lot more money through internet casinos as well, these so-called e-commerce websites lure the fraudulent individuals to sign up as. members and make Wagers on virtual games, of chance people can register for an. online betting account by entering their bank account number they can then fund that account using a variety of payment. methods including Anonymous ones like prepaid cards in fact it is anticipated. that by 2023 the global industry for online gambling would be valued more, than 92.9 billion dollars so how does. that happen how is the black money, converted into white money through, casinos well you may be familiar with. the casino scenes that you might expect, to see in Hollywood movies rather than

in actual casinos people entering, casinos with hockey bags and enormous wheeled carts filled with 20 bills and, handing them to casino staff in return for chips this is exactly how it happens from the perspective of the casinos. money laundering involves purchasing, casino chips with the cash and receiving payment in the bank when you return the, chips casinos send you the money for returning the chips you occasionally receive a check as well and after being. deposited in the bank these checks can. be utilized for any type of purchase of, goods huge sums of money are deposited, in the casino by money launderers who can then move or withdraw the funds whenever they like using Casino checks and do so without filing any reports. when using fixed odds betting terminals fobts players would occasionally play. and lose a little bit before cashing out, in order to have a receipt to display as. proof of their winnings and in the end. one has money that looks legitimate and, can be utilized without arousing suspicion, so this is how casinos carry out money laundering by putting enough mysterious steps between a criminal Enterprise and a lawful investment is the essence of, money laundering it ensures that the. funds are free of the stain of criminal, activity and the most common way to, launder money in casinos is through a poker machine so what they do is they, load up the machine with a large amount. of cash up to ten thousand dollars play. a few games and then cash out the, remaining credits it's as easy as that, now let's take a look at some major, money laundering incidents throughout. history. casinos have been used to launder money, for many years in 1946 the gangster. Bugsy Siegel opened the Flamingo in Las Vegas and ever since then there has been a connection between casinos and crime, the most historical ones are the British. Columbia casinos BC casinos alone accepted approximately 1.2 billion. dollars in cash transactions in 2014. including, 1881 individual cash buy-ins of one. hundred thousand dollars or more or more than five transactions each day on, average and one of the most shocking. cases of Casino money laundering was, uncovered just recently in Australia as, a series of inquiries exposed widespread, alleged money laundering and links to organized crimes involving Two casino. Giants Crown Resorts and Star Entertainment Group leading to calls for the authorities to shut casinos now you, must be thinking if it's a bad thing then why do casinos promote it or why, casinos do not have any strict policies. about gambling the authorities of the majority of countries are stepping up, their efforts to stop illicit behavior. and keep everything legal as gambling is, on the rise throughout the world largely.

due to the enormous growth of online casinos various jurisdictions in the UK require casinos to implement sufficient. anti-money laundering AML Solutions a. Crackdown at the end of 2019 cost online, casinos a staggering 8.7 million pounds, furthermore the U.S Bank secrecy act BSA. requires casinos to adhere to compliance measures however casinos frequently, choose to turn a blind eye to how, patrons fund their Wagers allowing their, tables to serve as a conduit for, criminal activities, no one inquires about Dirty Money, brought into a casino that was obtained. through criminal means such as human or. drug trafficking this is because they. make profit out of it without gambling a, casino does not exist it's just like, eating food at a restaurant without food there's no point at the restaurant right and casinos can never fully impose the. restrictions since it can scare away. their customers even players who have, lawfully earned their money may not be. as eager to disclose how much they want to wager moreover they are the hot spots. for criminals who want to hide the. origins of their money and because of. this they will always be utilized as a. means of converting illicit wealth into untraceable clean money so this makes us, wonder what must be done to stop this, money laundering preventing that sort of. activity requires constant vigilance, paranoia about internal procedures and, the willingness to turn down profitable. business although it may be difficult but casinos must abide by all applicable. AML laws and regulations and consistently evaluate their due diligence process in order to keep their. status as a legitimate gambling, organization they must periodically analyze their risk and disclose any. money laundering operations to the. appropriate institutions casinos must clearly Mark every check as return of funds not gaming profits or confirmed win to stop people from paying. with cash playing flimsily and withdrawing with the standard Casino. check moreover casinos and financial institutions must fight against illicit, financing and money laundering they, should carry out controls in line with these regulations and Report any money laundering activities that may be encountered to the authorized, institutions by making regular risk assessments and they must constantly evaluate their monitoring programs and. teach staff members how to screen, consumers and recognize suspicious Behavior because businesses that fail to. apply the required controls face, administrative Market penalties that may, damage their reputation if you found this video informative and enjoyed the, content make sure to subscribe to our Channel and hit the like button as well. as we frequently upload similar content thanks for watching,