Let’s say I have 500k in cash from fraudulent activities. It seems like I could just go to a casino and play games in a way that minimises my losses or even, if let’s say I was a big organisation, try to work with some casinos for them to launder my money for a lower fee.
I suppose there are rules in place to prevent this type of activities. But what are they? How is this prevented from happening? It seems like it’s really easy to launder money if I needed to
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When “the mob ran vegas” laundering money was pretty much the order of the day, if not the purpose of the day. The mob used casinos, where winning and losing was legal, to launder the money it had made from non legal endeavors, i.e. drugs, gambling (where it was illegal), prostitution, etc. Say the mob had $5 million in “dirty money”. It merely pretended it was money gamblers lost in a Vegas casino. Yes the mob paid taxes on that “income” but the tax rate enabled them to launder the difference.
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