A gaming lawyer and former UNLV professor, Anthony Cabot, argues that federal law enforcement and state regulators need to step up their game against anti-money-laundering violations in casinos. With the recent hefty fines imposed on Wynn Resorts for unregistered international money transmissions, it’s apparent that simply levying fines isn’t enough to deter this rampant issue. The conversation revolves around increasing accountability for those involved in enabling these activities.
Key Points
- Anthony Cabot highlights the need for pursuing criminal charges to tackle anti-money-laundering violations in casinos.
- Wynn Resorts faces significant penalties, including a $130 million federal fine related to illicit money transmissions.
- The Nevada Gaming Commission has proposed an additional fine of $5.5 million and enhanced training for Wynn Resorts to combat AML issues.
- Cabot criticises current regulations focusing on fines rather than holding individuals accountable for their actions in past violations.
- There is worry that federal cutbacks could hinder anti-money laundering investigations, significantly impacting enforcement efforts.
Why should I read this?
This article dives deep into the ongoing struggle against money laundering in the casino industry. It showcases the insights of Anthony Cabot, shedding light on why merely fining casinos isn’t cutting it anymore. If you’re keen on understanding the stakes, compliance challenges, and the systemic issues that give rise to these legal failings, this piece offers crucial takeaways that’ll keep you informed and ahead of the curve.
