Nevada Gaming Commission Expected to Close Sports Book ‘Money Laundering Loophole’

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The Nevada Gaming Commission will meet later this week to decide whether to plug a loophole in the state’s gambling laws that could potentially be a boon for money launderers.

Currently Nevada’s casino’s are required to file currency transaction reports (CTR’s), alerting the Treasury to gambling transactions over $10,000, in accordance with Bank Secrecy Act, as part of their anti-money laundering procedures.

All casinos, that is, apart from those that generate below $1 million in gross gaming revenue each year. That means many of Nevada’s small, rural satellite sports books are exempt.

Read the original article here: casino.org


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