|The federal government now expects the operators of tribal casinos, along with other financial institutions, to be even more vigilant, after 9/11, about detecting money laundering taking place through their casinos. The report stresses that the major international banks “seem to have a great deal of dirty laundry,” as do “neighborhood check cashing services which send money overseas,” and that by comparison tribal casinos are subjected to less abuse by the launderers. |
Tribal casinos and all other casinos and card rooms will “be required to file Suspicious Activity Reports (SARs) with the Financial Crimes Enforcement Network, a bureau of the U.S. Treasury.” The report applies to transactions of $5,000 or more or to situations that look “suspicious.”
The Indian Country Today also reported that “Smaller Las Vegas casinos are grumbling a bit over the added paperwork,” for which they had previously been exempt. Frank Fahrenkopf, described as the “well-connected” president of the American Gaming Association, reportedly stated “there has never been much evidence of money laundering through casinos.”
“But the tribal gaming industry has been more than happy to cooperate,” reports The Indian Country Today.