Money Laundering, Terrorism and Financial Institutions - USA Patriot Act Monitor

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8/14/2009 Casino Industry Remains Vulnerable to Money Laundering Schemes

The Financial Action Task Force has issued a detailed report on the vulnerabilities of casinos to money laundering and perhaps even terrorist financing, though the FATF acknowledges that no specific instances of terrorist financing have been reported. The report, Vulnerabilities of Casinos and Gaming Sector, describes the money laundering risks of casino junkets and high-seas gambling, among other segments of the industry. High-seas gambling is virtually unregulated by many countries, even for ships registered to the countries. This report should be read by anyone in the casino industry with regulatory responsibility. There are a great many descriptions of activities that should be regarded as red flags, and which have been added to our red flag checklist. Here are a few useful examples:

 

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