Money Laundering – Gambling Foresight

In recent years, there has been some improvement in Internet gambling money laundering laws. In January, a U.S. Senate Permanent Subcommittee on Taxation proposed amending the statute of frauds involving the transfer of virtual currencies. However, no date for hearings on this bill has yet been set.

Money Laundering

However, it is important to note that the U.S. government does not currently have an appropriate mechanism to address the issue of currency manipulation by online gambling money laundering enterprises. The U.S. State Department is reportedly trying to draft legislation which would create a sort of virtual tax to be paid by Internet gamblers. According to reports, officials from both houses of Congress are now working on a new form of currency regulation. This would allow the government to target only those jurisdictions which do not have strong laws against the manipulation of currencies in online gaming sites. However, officials suggest that the virtual tax will not be implemented until there is sufficient evidence of abuse by foreign casinos.

Risk Vs Gain

Many experts believe that the best solution to combat online gambling money laundering is to develop a system that would subject online gambling operators to uniform taxation. This would eliminate the need for any virtual currency manipulation in exchange for gambling. However, developing such a system would be a long-term project that could take several years to complete. For the time being, U.S. states are trying to pass bills that would make it possible for state agencies to impose harsher penalties on those that engage in online gambling money laundering. Such legislation could, if passed into law, make it more difficult for gamblers to move their money across state lines.

This is especially true with those who often play these online casinos using promo codes. These codes are promotional gimmicks that certain casinos use in order to attract more players.

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