Casino Police in Six Months
By Linda
In six months time all large U.S. casinos will have to file reports on suspicious financial transactions to the federal government.

The rule, announced today by the Treasury Department, is part of the Bush administration's effort to catch drug dealers, terrorists and others involved in money laundering.

It would apply to casinos in the United States with gross annual revenues of more than $1 million.

Casinos must file suspicious activity reports with the government for any questionable transaction or series of transactions valued at $5,000 or more, the Treasury said.

Banks and securities firms affiliated with banks have been filing suspicious activities reports to Treasury's Financial Crimes Enforcement Network since 1996. Wire-transfer and other money-service businesses were required to start filing such reports at the beginning of this year.

Companies would have to train employees to detect money-laundering methods, establish policies and procedures to identify risks and minimize opportunities for abuse, and commission independent audits.

Money laundering involves the movement of profits from drug or arms trafficking, political corruption, prostitution and other illegal activities through a series of accounts or businesses to disguise them as proceeds of legitimate business.

 
 
 
 
 
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