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Experts: Internet Casinos a Cover for Crime

"The body co-ordinating international efforts to combat money laundering said it had evidence of at least three virtual scams spanning the globe.

"It said ease of access, the lack of face to face contact between individuals and the speed of electronic transactions made the internet an ideal vehicle for money laundering.

"…To combat crime on the internet, the FATF said it had discussed requiring service providers to maintain reliable subscriber registers with appropriate identification for six months to a year. Experts had also suggested making ISPs keep detailed records of visitors to their sites.

"Andrew Clark, the partner in charge of anti-money laundering services at PricewaterhouseCoopers said traditional casinos have long been recognised as vehicles for money launderers.

"…This fulfiled two key criteria for money launderers - the ability to convert the proceeds of crime into a usable asset and distance themselves from the crime.

"The first of the three scams identified by the FATF is being investigated by the national police force of a European country. It involves an internet casino located on a server maintained in the Caribbean region.

"…Customs officials have uncovered movements of funds involving several companies.

"…The FATF said it was common for criminals to use websites to promote fictional gambling companies with names similar to real ones and then exploit the confusion to mask a laundering operation."

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