I heard that casinos are used for money laundering. Here is my guess on how it works.
The customer brings "dirty" money, e.g. obtained through corrupt or illegal means, to the casino and converts them to non-negotiable chips. When the customer uses the chips to bet. When the customer wins a bet, the customer is paid with negotiable chips. The customer can convert the negotiable chips back to cash and is given a receipt by the casino. The customer can report that his wealth comes from winning at the casino. He does not have to report the money that is brought in for the gambling.
Is this how it works?
Read this article on money laundering. There is a mention about betting in a casino.
The customer brings "dirty" money, e.g. obtained through corrupt or illegal means, to the casino and converts them to non-negotiable chips. When the customer uses the chips to bet. When the customer wins a bet, the customer is paid with negotiable chips. The customer can convert the negotiable chips back to cash and is given a receipt by the casino. The customer can report that his wealth comes from winning at the casino. He does not have to report the money that is brought in for the gambling.
Is this how it works?
Read this article on money laundering. There is a mention about betting in a casino.
4 comments:
Money laundering is done through 3rd or 4th Parties. They walk in nonchalantly with "dirty money" to exchange into chips to gamble, and when they win, cash in the chips, with the receipts as proof, then walk out nonchalantly to the banks, to be converted into whatever currency they want, and maybe TT clean money out.
Neither the casinos nor our Govt would know dirty money laundering happening. Just guessing.
Someone may be more an expert to comment.
That is why many people like to wash their money here because we have many large laundromats with large laundering machines. From north korea , mozambigue to alqeda to algerea.
Thank TKL for offering the knowledge behind...
Dirty money brought into casino and changed into non- cashable chips.
Chips divided between Player A and Player B. Both go to roulette table. Player A bets ODD and Player B bets EVEN, same amt of bets.
One will win and one will lose. Chips are converted. Repeat the process discreetly at other tables until all non-cashable chips are converted to cashable chips.
Money cleaned. Cash out, go to money changers scattered all over our island. Discreetly change small amt not exceeding $10k each time.
Viola! How difficult can that be?
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