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Money Laundering: Rapid Growth of Casinos Makes Them Vulnerable

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Report Type Reports and Testimonies
Report Date Jan. 4, 1996
Report No. GGD-96-28
Subject
Summary:

The volume of cash wagered in a growing number of casinos around the country, coupled with uneven enforcement of currency-transaction- reporting requirements for casinos, makes these businesses vulnerable to persons attempting to launder profits from illegal activities. This report discusses (1) the extent of legalized gambling in the United States, especially that taking place in casinos; (2) the currency-transaction-reporting requirements for casinos; (3) whether the same reporting requirements apply to tribal casinos; and (4) the level of enforcement efforts to ensure that casinos comply with currency-transaction-reporting requirements. This report also provides information on new legislation and recent changes to existing federal regulations that will affect currency transaction reporting for casinos.

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