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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If you’re exchanging hundreds of thousands of dollars into chips and then back into cash, you may as well just have a sign on top of your head that says “this is illegal money.” They would absolutely question you about the source of the money. Also, you’re required to pay taxes on winnings and casinos know how much money they exchanged in and out every night. And casinos have cameras everywhere. They can see that you walked in with the money.
So if you tried to claim a lot of cash as winnings, the IRS (or whatever tax agency) could see if the money actually came from a casino. And if you tried to exchange cash amounts like that at a casino, you would absolutely be questioned and likely refused service at a casino.
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