I have heard that the recent money seizures from Full Tilt and PokerStars, as well as past seizures from Netteller were because of Money Laundering charges.
In this context, what is money laundering? Anyone have thoughts on this?
Poker Players Alliance Forums » Poker Players Alliance
Money Laudering
(9 posts)-
Posted 8 months ago #
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One of the possible ways to launder money using online poker is to have one player, say someone in the U.S. dump money to another player in a foreign country. The player in the foreign country is actually a front man for a terrorist organization.
Money laundering comes in two forms: One tries to conceal the illegal source of funds, the other conceals the ultimate destination of funds.
Posted 8 months ago # -
So in the context of the money seizures, you are saying that the DOJ took action against FTP and Pokerstars because they were laundering money to terrorists overseas? Were all 27,000 or so players that were being cut U.S. checks transferring money to overseas terrorists?
Posted 8 months ago # -
No, I never said that. I tried to enlighten you on how poker sites can be used in money laundering schemes.
Posted 8 months ago # -
I keep hearing posters on 2+2 talk about opening a foreign bank account to get around the UIGEA. Won't that be money laundering if you open an account in another country to get around US law? Couldn't you go to jail for that?
I thought the transfers from the sites to the players was ok under the UIGEA. Is there any reason for banks to block transfers from the sites to the players?
I miss the America of an individuals rights. This new view to sacrifice the individuals rights for the good of the community is really a dagger in the soul of America. Didn't work in Russia and won't work here.
Eagle
Posted 8 months ago # -
nmaiorana said
No, I never said that. I tried to enlighten you on how poker sites can be used in money laundering schemes.
The original poster (me) was asking how, in the context of the seizures, the payment processors were considered to be money launderers. I thought it might make a good discussion. Perhaps you could address the original question?
Posted 8 months ago # -
"The original poster (me) was asking how, in the context of the seizures, the payment processors were considered to be money launderers. I thought it might make a good discussion. Perhaps you could address the original question?"
IMO, I would think anything the DOJ assumes as illegal, such as online poker, then uses a bank or something to get their illegal proceeds is considered money laundering by the DOJ.
Sorry about getting off topic. I think I should ask Skall my question.
Posted 8 months ago # -
I'm not entirely sure that the source or destination of the funds needs to be an illegal thing - simply trying to hide the source or destination, might possibly be enough to get you fingered on that sort of thing, possibly. If that's not laundering, it's at least fraudulent, which is what the guy from Party admitted to.
Posted 8 months ago # -
On another site, I found a seven page discussion on the SDNY money seizure case with various people from here weighing in including Skallagrim and The Engineer. Here there seems to be no talk of such things.
For that matter, I found press releases and other PPA related material on other sites that I do not recall ever seeing here. I would think that for PPA issues this would be the main forum to have the discussion. What does it take to get a conversation going here?
And back to the original topic. In the framework of the SDNY seizures, can it be that paying poker players their own money is cast as Money Laundering by the DOJ?
Posted 8 months ago #
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