0
$ £
usUsne
Jackpot Winner!Jackpot Winner!
Usne's picture
Joined: 19 Mar 2010
Posts: 725
Thanks given: 57
Thanks received: 82
31 August 2010 - 9:39pm

Money Laundering at Casinos

5 replies • Last post

Hi CL Members,

I know one of the main concerns that the US is against online gambling is money laundering. I never quite understood how that is a big business for money laundering operations at online casinos. With so many other outlets and third parties why choose online casinos as a recourse?

I wonder how prevelant this is and if there is regulations in other countries to prevent it from happening. Do casinos monitored this type of activity and know what to look for? I suppose on one hand if players make large deposits and then play a small amount and cash out, the casino will inevidably lock the account.

Do you feel that money laundering is a big business at online casinos or is it overrated?

Usne

auCL-Ed
StaffStaff
CL-Ed's picture
Location: Sydney
Joined: 7 Sep 2007
Posts: 7198
Thanks given: 3354
Thanks received: 2710
2 September 2010 - 2:10am
#1

I think its one of those convenient scare catchphrases that opponents of online gambling like to use. And I don't think anyone really knows how prevalent it is. Really if people want to do that they will find a way .. online casino or not.

Most casinos try to make you withdraw back to the same method you used to deposit where possible. So that immediately makes it harder to move money around between accounts.

I know in some of the better jurisdictions like the UK, Alderney, Gibraltar etc they have anti-laundering regulations in place. So the casino has to collect some personal information to identify you so that suspicious transactions can be traced.

Always play it safe! Consult our list of rogue casinos and warnings before depositing.
Every comment you make in our forum earns you CLchips which can be used to buy real prizes in our CLchips shop!

usUsne
Jackpot Winner!Jackpot Winner!
Usne's picture
Joined: 19 Mar 2010
Posts: 725
Thanks given: 57
Thanks received: 82
2 September 2010 - 3:49pm
#2

I agree with ya Ed. I think that it is a scare tactic to use for online gambling. I am sure it does exist but it's the strongest card in the deck that is used.

Another good reason used is for our welfare that we don't gamble away our life savings. That just doesn't make sense because we can go to any land casino and do the same. Besides shouldn't it be OUR worry and not the gov?

The bottom line is they want a piece of the pie......until they get it, there will a multitude of flimsy accuses.

Usne

auCL-Ed
StaffStaff
CL-Ed's picture
Location: Sydney
Joined: 7 Sep 2007
Posts: 7198
Thanks given: 3354
Thanks received: 2710
3 September 2010 - 1:49am
#3

Its the head-in-the-sand mentality that I don't understand. It is far easier to protect people from losing their life savings, or money laundering or whatever by regulating the industry and implementing safeguards. I mean an online casino can set deposit and loss limits per player no matter how they deposit their money, but if you walk into a land casino with a bag full of cash, no-one knows who you are or where you got it from - and you can do it several times a day or week and no-one would be the wiser.

Prohibition never worked for booze, so why would it work for gambling?

Always play it safe! Consult our list of rogue casinos and warnings before depositing.
Every comment you make in our forum earns you CLchips which can be used to buy real prizes in our CLchips shop!

usUsne
Jackpot Winner!Jackpot Winner!
Usne's picture
Joined: 19 Mar 2010
Posts: 725
Thanks given: 57
Thanks received: 82
8 September 2010 - 2:43pm
#4

Good question Ed. In fact i wonder when the ban is lifted how much more traffic will there actually be then there is now. Sometimes the allure is doing or having what you are not allowed to do or have.

Reminds me of a story that in the end actually backfired. In the city i live, all the rage was a particular beer that was not sold in our state. Anyone and everyone who went across state line would pick up the beer and bring it back.

It was like once word was out that so and so had this beer, the party would begin!! So popular this beer became that the makers of the beer company began to distribute it right here. Everyone was excited.......oh yeahhhhhh!!!

Well guess what? Once the beer was sold in our state, no one bought it anymore. In fact it is one of the worst selling beers on the shelf! I guess it was the thrill of having something you couldn't readily have.

Usne

rsCatFace
Silver PlayerSilver Player
CatFace's picture
Joined: 30 Jul 2010
Posts: 418
Thanks given: 45
Thanks received: 38
9 September 2010 - 10:37am
#5

Usne, you're totally right. I think that the same goes for Holland. Remember the small country which legalized marijuana and prostitution (but only for their citizens)? Wink I read somewhere that, after they introduced the law, there was no increase in the consumption of legalized drugs and services, but even a moderate drop.

So I guess, money laundering is just a dumb excuse for something else...

Share this