Key Takeaways
- A column in the Tampa Bay Times argues that newly legalized gambling in the US is a “strategic national threat.
- Authors James Thackston, and Earl L. Grinols gave a demonstration of how online poker could be used for money laundering to House Energy and Commerce Committee staff and Representative Gregg Harper.
- Evidence from industry and academic research shows that their fears are greatly exaggerated.
- As high stakes players are all known and large transactions have to go through the highly regulated banking system, risks are minimal.
The first formal research into money laundering in online poker concluded that there were few risks … and those that did exist could be minimized to virtually zero with a simple set of measures.
A column in the Tampa Bay Times argued earlier this month that newly legalized gambling in the US is a “strategic national threat,” asserting: “There is now the threat from online criminal activity, money laundering and, potentially, even al-Qaida funding.”
