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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On a smaller scale, Fixed Odds Betting Terminals (fruit machines) are very commonly used for money laundering in the UK.
The way the random payouts work, if you make enough bets, then the return is very predictable, so you’ll lose a small percentage.
So someone just stands there and feeds in cash, and the machine prints out a ticket with the amount of their winnings, which they can exchange at the counter.
If you have a payment from a betting shop, the receipt will look the same if you bet £1 and get a £500 jackpot as if you bet £600 and get a total “winnings” of £500.
This works great for someone who makes a few thousand a month dealing drugs, but obviously doesn’t scale very well.
Of course, there’s a lot that betting shops *could* do to prevent this, but it’s an important revenue stream.
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