Casinos and sports books are often the center of attention for law enforcement personnel who are trying to nab on the innumerable campaigns mafia and criminals utilize to launder money. The dawn of internet gambling earlier this decade was thought to have created a threat free environment for the government because of ability to oversee transactions through the use of technology.
Some of the best online gambling sites were of the belief that it is lot easier to mitigate money laundering activities due to its online nature, enabling government bodies and gambling websites to keep track of every transaction made.
But much in contrast to this belief, criminals and gambling site owners eventually have found their way around the stringent rules of online gambling transaction by disguising billions of dollars in form of gambling payments and online store purchases for items such as jewelry, gold balls and flowers.
Last month, the U.S Government shut operations of three of the best online gambling sites accusing them of illegal gambling, bank fraud and money laundering. The government seized the domains of best online gambling sites such as PokerStars, Full Tilt Poker, and Absolute Poker, thus putting a stop to any form of gambling transaction with these sites. In addition to this, 76 company owned bank accounts have been seized by the FBI for further investigation.
Technically, online gambling was deemed illegal in the United States in 2006, when wire transfers payment system instruments and credit cards were banned from being used on online gambling websites. This did not stop even the best online gambling sites to set up offshore operations and continue running as usual. Such operations violate the United States law, 18 USC Section 1084, 1952 and 1955. Most of these websites eventually gained popularity enough to start advertising on sport channels and sponsor players in World Series of Poker.
Also in the past, the United States Attorney's office in St. Louis agreed to a civil settlement with PayPal, where PayPal agreed to pay 10 million dollars to the government to settle the allegations that the company aided in illegal offshore and online gambling activities.
It was in June 2003, that the Financial Action Task Force (FATF) on Money Laundering acknowledged the increasing issues posed by internet gambling and revised its anti-money laundering recommendations by including recommendations that affect casinos with a special impetus on online casinos.
Some of the best online gambling sites were of the belief that it is lot easier to mitigate money laundering activities due to its online nature, enabling government bodies and gambling websites to keep track of every transaction made.
But much in contrast to this belief, criminals and gambling site owners eventually have found their way around the stringent rules of online gambling transaction by disguising billions of dollars in form of gambling payments and online store purchases for items such as jewelry, gold balls and flowers.
Last month, the U.S Government shut operations of three of the best online gambling sites accusing them of illegal gambling, bank fraud and money laundering. The government seized the domains of best online gambling sites such as PokerStars, Full Tilt Poker, and Absolute Poker, thus putting a stop to any form of gambling transaction with these sites. In addition to this, 76 company owned bank accounts have been seized by the FBI for further investigation.
Technically, online gambling was deemed illegal in the United States in 2006, when wire transfers payment system instruments and credit cards were banned from being used on online gambling websites. This did not stop even the best online gambling sites to set up offshore operations and continue running as usual. Such operations violate the United States law, 18 USC Section 1084, 1952 and 1955. Most of these websites eventually gained popularity enough to start advertising on sport channels and sponsor players in World Series of Poker.
Also in the past, the United States Attorney's office in St. Louis agreed to a civil settlement with PayPal, where PayPal agreed to pay 10 million dollars to the government to settle the allegations that the company aided in illegal offshore and online gambling activities.
It was in June 2003, that the Financial Action Task Force (FATF) on Money Laundering acknowledged the increasing issues posed by internet gambling and revised its anti-money laundering recommendations by including recommendations that affect casinos with a special impetus on online casinos.
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