Casinos both online and offline are often tarnished as money-grabbing organizations who are involved in the conduction of criminal activity. In many parts of the world, this very much is the case — organized crime rings and triads are heavily associated with illegal gambling dens and casinos when it comes to fraud and deception. And the act of money laundering is something that has been known to happen in the back closets of some casinos for decades.

In this article, we’re going to discuss what money laundering actually is, when it started, who is at risk, and how casinos throughout the world are finally aiming to put a stop to it.

This method is used to beat suspicion of money laundering and to circumvent anti-money-laundering reporting requirements. In a variant of this method, criminals use smaller amounts of money to purchase financial instruments, such as money orders, and then ultimately deposit these instruments in bank accounts, again in small amounts. The suspects were accused of illegal gambling and money laundering in the Toronto area. Through wiretapping, surveillance and internal leaks the Canadian authorities uncovered details of a money laundering scheme that cleaned almost $70 million of ill-gotten gains mostly through gambling – both online and offline.

Basically, online gambling offers ideal conditions for professional money laundering. Organized crime also partly uses online casinos to launder criminal money. In an article that was only a few months old, we looked at the question of whether the risk of money laundering is particularly high in online gambling.
Sep 29, 2017 B.C. Casinos, both illegal and underground, are used by underground banks to launder millions in cash from drug sales and other crimes, law enforcement is alleging. Photo by Stuart Davis / PNG.

What is Money Laundering?

Let’s begin with the basic question as to what money laundering is. In a nutshell, money laundering is defined as illegally obtained money (dirty cash) that has been made to look like it was earned legally.

Criminal organizations are renowned for making millions of dollars each year from the illegal buying and selling of narcotics, extortion of firearms, and other rogue business trading. This amount of cash flow can easily alert tax authorities if these people aren’t careful about it, which is why the money is usually “laundered” through other means in order to make it look like it’s come from licit sources.

How Do Criminals Get Away With It?

Even though people are always coming up with new ways to pull tricks on the tax man, there is a general approach most of them take when it comes to laundering money.

●Placement – This first step involves placing the funds in a business registered bank account, of which is essentially the “middleman” of the operation. This is also where most people get caught if not done with care, because if large sums of money are being deposited, it looks extremely suspicious.

●Layering – In order to make sure the original source is untraceable, next the money needs to be layered. In other words, it will need to be exchanged through multiple banking transactions. And most do this by making large investments in things like property, cars, and even smaller businesses.

●Integration – Lastly, and providing the last 2 steps were successful; the money is now essentially “clean” and safer for the launderers to integrate back to their own accounts. This could be in the form of a salary complete with real invoices to prove the money was earned legitimately, or through other business investments.

What Happens to Criminals Who Get Caught?

Funnily enough, the act of money laundering didn’t become illegal until the 1990s, when unusual large banking transactions were becoming more apparent throughout most western nations. Crimes are now punishable with imprisonment for a set term in the United States. A federal conviction can also result in a fine up to $500,000, twice the amount which was laundered, or more.

In the UK, money laundering costs the country approximately £24b every year. Under the Proceeds of Crime Act, criminals who get caught can face up to 14 years in prison, as well as an unlimited fine.

In China, which is home to the world’s gambling capital of Macau, criminals caught money laundering will face a prison sentence of up to 10 years, with a 20% fine on the total amount laundered.

All countries have their own way of dealing with criminals and operations caught money laundering. But generally the punishment will include a large penalty complete with many years of jail time.

Prevention Measures

Prevention measures are also quite different in various countries. In the U.S., transactions greater than $10,000 are required to be reported to the relevant financial authorities. These include banks, credit companies, insurance firms and others.

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These financial institutions must take specific steps to verify their clients and customers are genuine. They are also required to file a report to the relevant financial crime agencies if they suspect anything unusual. These are then investigated further to establish whether any action needs to be taken from that point.

Why Casinos Are A Magnet for Corruption

If you’ve ever seen the 1995 movie Casino by Martin Scorsese, you’ll probably have a good idea as to how casinos are utilized to funnel profits illegally. In some parts of the world, particularly in places like Cambodia and Macau, this is a very real scenario. The reason being that casinos are producing huge cash flows every single day, and transactions are passing through banks with a high degree of anonymity.

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Casinos are also an attractive target for money launderers because these establishments don’t particularly care who is entering the venue, so long as they are spending money and not causing

Casinos Used For Money Laundering