------NO MORE COUNTY CASINOS
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Feb 24, 2005 DEFINITION OF MONEY LAUNDERING Money laundering is the conversion of money derived from criminal activity to hide its illegal origin. Criminals can spend $10,000 of illegal money for chips, gamble a little, trade the chips back in for new, unmarked money. "Casinos can play a significant role Illinois riverboat casinos are especially vulnerable because they have no loss limits, which means drug traffickers gamble away tens of thousands of dollars in a matter of minutes against their casino accounts. In contrast, gamblers on Missouri boats may lose a maximum of $500 every two hours.* *"The absence of loss limits is a major reason "When you're in St. Louis and you've got a choice between Missouri and Illinois, if you're trying to launder money, you might choose Illinois," Holtshouser said. Source: MIKE FITZGERALD, Belleville News-Democrat *Definition of the $500 Loss Limit: Under Missouri Law, casino gamblers can lose up to $500 every two hours. If a gambler loses $500 before the two hours are up, he/she must stop gambling. When the two hour time period has passed, they are free to lose another $500. This allows a gambler to lose $6,000 per day, $42,000 per week in Missouri casinos. |
