Can People Engage in Money Laundering Through Online Slots Gaming?
Most of us earn our money in honest ways, like working and earning a salary. This is essentially how the global economy works. People work, earn a salary, and then spend it on various parts of the economy. So one must be a wise spender and when deciding to play online slots, make sure to check Irish Riches RTP.
However, beneath the surface, there is an entirely different world, which is called the black market. The black market is powered by mainly drug trafficking. The reason why many of us are not aware of the black market is that it is illegal.
Members of the black market make so much money that they do not have enough space to store it. This is because they cannot use banking. If they attempt to deposit their illegally obtained money into a bank, they could get caught. They must thus find alternative ways of storing their money.
People have been worried that people could use slots to launder money. However, is this possible? Before we can answer this question, we need to know what money laundering is.
What Is Money Laundering?
Before illegal players in the black market can use their money normally (buy goods and services), they need to legitimise it. However, this can be very difficult. As the name suggests, money laundering is the process by which dirty money is cleaned. This makes the money seem legit.
Money laundering can occur in many ways and illegal players have been known to get quite creative. One of the most common ways of money laundering is through legitimate business fronts. They essentially buy a business and move the money through the business so that it looks like business earnings.
Can You Launder Money Through Slots?
Theoretically, it is possible to launder money through slots. However, this is not the best way to go. It can be quite difficult to deposit dirty money into slots. This is because most slots would not approve.
However, criminals also move with the times and they have been known to use cryptocurrency. As the slot industry has started to embrace cryptocurrency, it also means that criminals can now use this method to conceal their identities.
How Would You Theoretically Launder Money Through Slots
Laundering money through slots has more to do with depositing money than with playing slots. Some casino websites allow players to deposit money and then withdraw it as if it were earned on slots. This effectively cleans dirty money.
Regulations to Prevent Money Laundering Through Slots
The regulations in place to prevent money laundering through slots are quite strict. This is because there have been countless concerns of shady characters using online slots to launder money and possibly fund terrorism.
While initially, players could deposit money only to withdraw it, now there are rules in place to prevent this. One such rule is that you need to spend at least a certain amount of the money you deposited before you can withdraw your deposit.
People’s fears regarding money laundering via online slots are not unfounded. However, the slots industry is proactive and preventing this from happening.