New Jersey Police Seek Man Who Allegedly Used Atlantic City Casinos to Launder Meth Money Devin O'Connor — June 4, 2021 Bitcoin Users Scramble as Major Exchange MtGox Goes Offline. An Atlantic City man is wanted in a drug and guns case that allegedly involved laundering more than $100,000 through the city’s casinos. Jordan Ragland, 29, was receiving shipments of methamphetamines through the mail to his home on Connecticut Avenue.

Casinos — Criminal networks launder an estimated $1 trillion a year, and the casino industry is a growing target. The rise of legalized gambling and the high cash volume associated with gaming have increased the casino industry's vulnerability to this type of criminal activity.
'Anti-Money Laundering'/Ernst & Young/ www.ey.com/global/content.nsf/US/AABS

New Jersey State Police are seeking the public’s help locating an Atlantic City man they say used local casinos to launder $107,000 of money gained through meth distribution. Jordan Ragland, 29, is facing various drug, weapon and money laundering charges following an active investigation started in September 2020 by the New Jersey State Police Special Investigations Unit Casino Gaming Bureau.

A total of 21 people have been indicted for their alleged roles in a scheme to defraud TD Bank out of $88,796 by taking cash advances at Atlantic City casinos against phony checks deposited into. The Hard Rock Hotel & Casino Atlantic City (formerly Trump Taj Mahal) is a casino and hotel on the Boardwalk, owned by Hard Rock International, in Atlantic City, New Jersey, United States. The casino, originally known as the Trump Taj Mahal, was inaugurated by its then-owner Donald Trump in 1990, and was built at a total cost of nearly US$1 billion. Original restaurants at the Taj Mahal.

Money laundering is inextricably linked to the illicit U.S. drug trade. The Office of National Drug Control Policy projects the street value of illicit drugs sold in the United States during 2000 to exceed $62 billion.27 Controlled by violent drug traffickers, these revenues--greater than the gross national product of 150 nations--pose a serious threat to the economic integrity and security of the United States. Drug traffickers launder illicit profits and ultimately integrate the funds into the legitimate economy. Laundered drug proceeds are used to finance drug operations and other crimes, fund insurgency and terrorist organizations, and promote corruption. Consequently, U.S. anti-money laundering efforts are critical to destabilizing drug trafficking organizations and limiting their power. The New York/New Jersey HIDTA estimates that drug traffickers launder between $4 billion and $8 billion annually in the New York/Northern New Jersey metropolitan area. Online advertising where the real money is made. Gaming Industry. The gaming industry in the United States remains vulnerable to drug money laundering. One technique used to launder drug proceeds through casinos involves structuring cash purchases of casino chips or tokens to avoid reporting requirements and subsequently redeeming the chips for checks drawn on, or wire transfers from, casino bank accounts. Corrupt casino employees have also facilitated drug money laundering activities.
'Money Laundering'/National Drug Intelligence Center/October 2000/ www.usdoj.gov/ndic/pubs/647/money.htm
WASHINGTON (AP) - The Bush administration's efforts to crack down on money-laundering by terrorists may require Nevada casinos to be more vigilant of suspicious financial activity, government officials say.
'Money-laundering rules let Nevada clubs report to state'/Las Vegas Sun/9.28.01

Anti-Money Laundering Proposal for Casinos to be discussed at Regional Meetings: The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) will hold four regional meetings this summer to provide an opportunity for casino industry representatives and other members of the public to comment on a proposed rule announced in May which would require casinos and card clubs to report suspicious activity. The proposal was issued under the authority of the Bank Secrecy Act (BSA) -- Treasury’s key tool in the fight against money laundering, financial fraud and tax evasion.
FOR IMMEDIATE RELEASE/ June 26, 1998 / US government/Treasury

There is little concern that a money laundering bill passed by the House will hurt casinos, gaming industry officials say. The House version of the anti-terrorism bill stiffens the reporting requirements financial institutions must adhere to in dealing with overseas accounts and transactions. It also makes it a crime to attempt to smuggle $10,000 or more in currency across U.S. borders.
'Gaming industry is unconcerned about terrorism bill'/LAS VEGAS SUN/10.22.01

Atlantic City Casino Money Laundering Case

There are several key methods that criminals deploy when money laundering. Many groups rely on breaking up the deposits into small tranches to avoid flagging in a practice known as structuring. Others simply buy chips with cash, spend some time on the casino floor and attempt to cash them out as winnings. There are many methods that involve the use of shell companies to conceal transactions, bank accounts and individuals involved. It is an incredibly complex area of finance and one that the authorities are fighting tirelessly to stamp out in all forms.

What Makes Casinos the Perfect Target?

Casino gambling is a brilliant way to make money disappear, and reappear in separate bank accounts. Obviously, the casino industry takes measures to make this difficult which we will explain in more detail down the page. The casino does not necessarily need to be complicit in the money laundering activities for criminals to be successful, but many have known to be in the past. With so many underground markets operating throughout Asia, Europe and America – criminals have plenty of casinos and sports betting operators they can exploit to launder their dirty cash.

Without the compliance of the regulated casino industry, this is an uphill battle that the authorities cannot fight alone. There are many motivated, and well-funded criminal gangs that are persistent in their efforts to use casinos to launder money. Within the casinos, themselves exist many vulnerabilities that can be easily exploited. The staff in casinos represent one of the biggest risk factors for money laundering, as they are often low-paid administrative staff that can be easily bribed or threatened to assist the criminals laundering their money.

Casino Money Laundering Schemes

But what makes the casino money laundering so appealing rather than off-shore shell companies or other such methods.

The three biggest reasons for money laundering at casinos are:

Casinos and sports betting operators have enormous cash flows that make it easy to bets intended for money laundering within the sea of transactions flowing in and out.
It doesn’t matter who you are, whether you’ve been convicted of financial crimes or where your money comes from. The majority of casinos around the world are happy to accept wagers from anyone with hard cash to gamble.
High-rollers are a major source of profit for many casinos – in order to maintain a strong a favorable relationship with the client, staff may ignore or turn a blind eye to any suspicious transaction.

As you can imagine from the above statements, revenue and profit are huge motivating factors for the casinos. It is difficult to deny that casinos are powerless to stop this activity, and certainly more needs to be done from industry regulators to enforce systematic checks on customers that set-off red flags with suspicious depositing activity.

Industry regulators certainly have a part to play, by scrutinizing large casino companies around the world they regularly audit and analyze financial statements looking for irregularities. The biggest operators make enough money from legal transactions, and it tends to be smaller casinos in less stringent jurisdictions that are complicit with money launderers. In Asia, there has been a long-term problem with this illegal activity – and a thriving underground gambling industry.

Things are a little different online, especially if you are gambling in the UK or another strictly regulated market. If you are worried about what might be going on at your favorite casino site, have a look at our guide to casino sa