Can People Engage In Money Laundering Through Online Slots Gaming?
Through the early days of the history of huge gambling venues such as Las Vegas, organized crime was a real problem. In fact, it got so bad that at one stage the mafia were practically running some of the casinos.
The link between casinos and organized crime became a reputation that was hard for the gambling industry to shake off. The media didn’t help and nor did the film industry. With films like Casino reinforcing the stereotype, the image of the casino continued to be that of shady people, dodgy dealings and violence.
The turning point came in the 1980s for Las Vegas as many mob leaders began to get convicted for their dodgy dealing and serious crimes such as murder. One last push from the FBI finally released the grip that the mob held over the casino world in Las Vegas.
The 1990s did not see the levels of organized crime within the Vegas casino system that the previous decades experienced and now all the violence, money laundering and even murder are a distant memory.
It is not only Las Vegas that has managed to shed its image of crime and gambling going hand in hand, gambling across the globe has got far more respectable than anyone could imagine. Of course there is still a criminal element operating within the industry and this is more especially the case in countries where there are no strict gambling laws, or industry regulations in place.
The New Image Of Gambling
Gambling on King Casino Slots today is more popular than ever and the appeal has widened and now the industry attracts far more female gamblers. Gambling in the UK has been transformed into a mainstream leisure activity that is widely advertised on TV and gambling brands now sponsor popular TV shows like the chase. The shady side of gambling is more to do with gambling addiction these days, rather than organized crime. However, is it still possible to use casinos for criminal activity such as money laundering?
What Is Money Laundering?
Money laundering is basically hiding the amount of true wealth you have to avoid the attentions of the taxman. If your wealth has been gained through criminal activity such as drug dealing, this needs to be camouflaged as well. Therefore, the ultimate aim of money laundering is to mask the illicit sources of funds and the true amount of money that has been made, by making everything appear as legal. The so-called dirty money needs to be hidden and taken out of the equation and casinos used to be perfect environments for laundering dirty money. Money laundering techniques are constantly evolving to try and beat law changes. It is now incredibly difficult to launder money through online casinos, especially if they are licensed and heavily regulated. The chances that your favourite licensed slots site is part of a money laundering racket and that you have unintentionally become embroiled within it, are pretty much zero in the new respectable gambling climate.