|Liz Benston of RollingGoodTimes.com reports that a “Washington, D.C. - area attorney told a group of security and marketing officials at an anti-terrorism conference Tuesday” that the undiminished, in fact, the increased concern the federal government has “about money laundering for terrorist purposes” will probably result in the U.S. Department of the Treasury taking authority from Nevada state regulators for the reporting or all cash transactions over $10,000 done in offline casinos. |
Nevada has been he only state allowed by federal authorities to conduct its own vigilance against such money laundering and to report it to federal authorities.
Federal authorities appear to trust the banks, however, and international trade expert Douglas Jacobson said, “Banks have done a good job implementing money-laundering procedures.” Jacobson added that criminals frustrated by banks have sought to launder their money in casinos.
However, industry regulators and gaming organizers in Nevada maintain that offline casinos have rendered criminals no easier obstacles, with the restrictions on money transfers they’ve enforced, and that, on the other hand, banks are even more accustomed to handling large sums of money than casino are.
Experts, though, may have the last word -- “new efforts to fight terrorism may lead the Treasury Department to usurp regulatory control from the Gaming Control Board,” Benston writes. Jacobson also reportedly said that “transfer of power could have significant implications for area casinos in terms of penalties for non-compliance and mitigation opportunities. The U.S. government likes to send strong messages about non-compliance, such as when it fined Mississippi casinos $7 million for failing to file cash transaction reports with the federal government. That was more than the $5 million settlement proposed by the state Gaming Control Board to resolve an investigation at the Mirage that uncovered thousands of unfiled reports.”