Casino Oversight Affected by USA Patriot Act
11 May 2005
Casino Oversight Affected by USA Patriot Act
The USA Patriot Act requires demands the implementation of certain changes in Nevada’s casino regulation laws. Nevada officials have not yet decided whether to simply amend state laws, or to allow federal agents to assume regulatory duties instead of the state.
The new casino laws outlined in the USA Patriot Act differ from current state laws in three main ways.
1. All transactions of $10,000 or higher must be reported within 24 hours, according to both state and new federal regulations. Current Nevada laws ease the burden on casinos by allowing designated subdivisions to report at intervals of $3,000, while the new federal law will require monitoring the casino as a whole.
2. By the new federal law, facilities with table games that produce $1 million in annual revenue will have to report with the new system, whereas currently, the cut-off is set at $2 million. This would affect 147 businesses.
3. Records for players would be required to extend to five years.
Representatives from Las Vegas Casinos say that they hope that Nevada will reform its own laws and not bring federal agents into the equation. State officials are currently uncertain, but they point out their success in tracking down money-launderers and keeping Las Vegas casino money clean.
The USA Patriot Act, short for Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act, is one of a number of post 9-11 attempts to prevent terrorism. The primary concern addressed therein, regarding casinos and other forms of gambling, is the concern that monies from gambling establishments may be under-reported and subsequently used to fund terrorism.
Source: Authorized Online Casinos New Staff
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