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  1. #1
    The Buzz's Avatar
    The Buzz is offline GPWA Gossip Hound
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    February 2007
    Newton, MA
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    Default Internet gambling sites used for money laundering

    One of the messages that Internet gambling opponents have used against the industry is that the sites can be used for money laundering.

    That argument has been largely dismissed by industry insiders, but it appears that seven Las Vegas residents did just that.

    Federal prosecutors say seven Las Vegas residents used Draper as the staging grounds for an elaborate money-laundering service for illegal Internet gambling sites, which at one point was processing more than $100 million in transactions.

    During an evidentiary hearing in federal court on Monday, federal prosecutors gave a glimpse of an automated laundering system that ran parts of its operation in Draper, London, Korea and Antigua. They say the system would allow online gambling sites to process credit card transactions without reporting to credit card companies and banks that the transaction was for gambling purposes.
    Full story here ...,5143,695270470,00.html

    Buzzy believes that this problem would be easily solved through regulation of the industry, creating an environment where legitimate companies would not feel the need to mask credit card and bank transactions.

  2. #2
    Join Date
    March 2006
    Costa Rica
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    Quote Originally Posted by The Buzz View Post
    One of the messages that Internet gambling opponents have used against the industry is that the sites can be used for money laundering.
    From what I read in the news article, the sites weren't used to launder non-casino related funds (illicit drugs etc), but money was taken in by unregulated casinos and then processed as non-gambling related credit card transactions.

  3. #3
    bb1web's Avatar
    bb1web is offline Private Member
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    ya I love the use of the term money laundering in this instance.
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  4. #4
    pgaming's Avatar
    pgaming is offline Public Member
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    July 2005
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    Money laundering I agree is rampant on the across the web. The failings of International Governments to recognize the web as being a viable market.


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