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* * * June 10, 2002 * * *
¤ One of the country's largest drug and gambling rings busted in St. Petersburg, Florida. Between $30 and $50,000 of cocaine per week was being smuggled into the country and police used a combination of wire taps and undercover work (from going through the suspects' garbage to putting tracer devices under their cars) to gather evidence. John Peloro and Tonino Iaboni also ran a local gambling business---taking from $1,000 to $50,000 from some notable local residents. Police are investigating those who placed the bets and plan on making that information public soon. Both men are out on bail at the current time.
¤ When in recession, endorse gambling. This seems to be the stance taken by most states. Questions of morality are put aside and casino gambling is legalized. This first happened in the early 1990s and is occurring again. Some states are raising casino taxes by as much as 50% in order to balance the budget.
¤ The following countries have now been removed from the U.S. Treasury Department's "black list" of banks that had not been cooperating with the government on money laundering issues: Antigua, Nauru, Barbuda, The Bahamas, The Cayman Islands, Lichtenstein, and Panama. The following countries have now been placed ON the list: Burma, Ukraine, Egypt, Grenada and Nigeria. Any country not on the list is considered to be complying with all U.S. government requests.
¤ Casinos are cooperating with FinCEN officials on the following money laundering techniques because significant amounts of cash are said to be flowing underground to possible undesired persons: the use of safety deposit boxes to store large amounts of cash in the casino and are then emptied (in front of a casino employee) and used by several persons in the casino (other than the safety deposit box holder). These persons play only minimally then cash out the chips (in the form of cash or check) and they money flows out of the casino nearly undetectable, often in amounts much higher than the amount originally deposited.
¤ Lloyd's of London: The following was taken directly from Lloyd's of London's website (www.lloydsoflondon.com). Lloyd's does not insure accounts in the manner most people think:
Lloyd's is a unique insurance provider. It is not a company but a brokered market in which 108 underwriting syndicates both compete and co-operate. This combination enables Lloyd's to offer a wealth of choice, knowledge, experience and expertise under one roof.
Underwriters are the insurance professionals upon whose expertise and judgment the market depends. Lloyd's underwriters cover many specialty areas of risk, including marine, aviation, catastrophe cover and professional indemnity.
Only accredited Lloyd´s brokers can place risks in the Lloyd´s market.
In effect certain sports books could be insured indirectly with Lloyd's if they have insurance with an underwriter that as reinsured the account with Lloyd's.
¤ USA Patriot Act of 2001: This act was signed into law on October 26, 2001 and Title III of this act addresses certain changes to the Bank Secrecy Act in order to aid in the prevention, detection, and prosecution of international money laundering and terrorist financing. Financial institutions must conduct enhanced scrutiny of private banking accounts (note that a private banking account is defined as one with a minimum initial deposit of $1,000,000) as requested even if maintained on behalf of a foreign political figure. Part of this act is already in effect, part takes effect on July 23 of this year. The definition of a financial institution has been expanded to include securities brokers-dealers, futures commission merchants, mutual funds, money services businesses (i.e. check cashing stores, PAYPAL, etc.) and operators of credit cards systems (PAYPAL again), and CASINOS. US banks will be severely restricted on whether they can or cannot provide correspondent accounts (those intermediary banks mentioned in sports book wire instructions) to foreign shell banks......for the complete wording of the bill, please visit: www.ustreas.gov/fincen/proposedregulation312.pdf(You must have Adobe Acrobat to view).
¤ Bookmakers face enormous payouts after England defeated Argentina with a penalty kick. Odds ranged for 10-1 to 45-1 for various wagering options from penalty kicks scored to last player to score. Literally hundreds of thousands of winning bets will be paid out resulting in losses for some books approaching $1 million.
* * * June 10, 2002 * * *
¤ One of the country's largest drug and gambling rings busted in St. Petersburg, Florida. Between $30 and $50,000 of cocaine per week was being smuggled into the country and police used a combination of wire taps and undercover work (from going through the suspects' garbage to putting tracer devices under their cars) to gather evidence. John Peloro and Tonino Iaboni also ran a local gambling business---taking from $1,000 to $50,000 from some notable local residents. Police are investigating those who placed the bets and plan on making that information public soon. Both men are out on bail at the current time.
¤ When in recession, endorse gambling. This seems to be the stance taken by most states. Questions of morality are put aside and casino gambling is legalized. This first happened in the early 1990s and is occurring again. Some states are raising casino taxes by as much as 50% in order to balance the budget.
¤ The following countries have now been removed from the U.S. Treasury Department's "black list" of banks that had not been cooperating with the government on money laundering issues: Antigua, Nauru, Barbuda, The Bahamas, The Cayman Islands, Lichtenstein, and Panama. The following countries have now been placed ON the list: Burma, Ukraine, Egypt, Grenada and Nigeria. Any country not on the list is considered to be complying with all U.S. government requests.
¤ Casinos are cooperating with FinCEN officials on the following money laundering techniques because significant amounts of cash are said to be flowing underground to possible undesired persons: the use of safety deposit boxes to store large amounts of cash in the casino and are then emptied (in front of a casino employee) and used by several persons in the casino (other than the safety deposit box holder). These persons play only minimally then cash out the chips (in the form of cash or check) and they money flows out of the casino nearly undetectable, often in amounts much higher than the amount originally deposited.
¤ Lloyd's of London: The following was taken directly from Lloyd's of London's website (www.lloydsoflondon.com). Lloyd's does not insure accounts in the manner most people think:
Lloyd's is a unique insurance provider. It is not a company but a brokered market in which 108 underwriting syndicates both compete and co-operate. This combination enables Lloyd's to offer a wealth of choice, knowledge, experience and expertise under one roof.
Underwriters are the insurance professionals upon whose expertise and judgment the market depends. Lloyd's underwriters cover many specialty areas of risk, including marine, aviation, catastrophe cover and professional indemnity.
Only accredited Lloyd´s brokers can place risks in the Lloyd´s market.
In effect certain sports books could be insured indirectly with Lloyd's if they have insurance with an underwriter that as reinsured the account with Lloyd's.
¤ USA Patriot Act of 2001: This act was signed into law on October 26, 2001 and Title III of this act addresses certain changes to the Bank Secrecy Act in order to aid in the prevention, detection, and prosecution of international money laundering and terrorist financing. Financial institutions must conduct enhanced scrutiny of private banking accounts (note that a private banking account is defined as one with a minimum initial deposit of $1,000,000) as requested even if maintained on behalf of a foreign political figure. Part of this act is already in effect, part takes effect on July 23 of this year. The definition of a financial institution has been expanded to include securities brokers-dealers, futures commission merchants, mutual funds, money services businesses (i.e. check cashing stores, PAYPAL, etc.) and operators of credit cards systems (PAYPAL again), and CASINOS. US banks will be severely restricted on whether they can or cannot provide correspondent accounts (those intermediary banks mentioned in sports book wire instructions) to foreign shell banks......for the complete wording of the bill, please visit: www.ustreas.gov/fincen/proposedregulation312.pdf(You must have Adobe Acrobat to view).
¤ Bookmakers face enormous payouts after England defeated Argentina with a penalty kick. Odds ranged for 10-1 to 45-1 for various wagering options from penalty kicks scored to last player to score. Literally hundreds of thousands of winning bets will be paid out resulting in losses for some books approaching $1 million.
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