The $500 loss limit also significantly deters the use of casinos as a means for illegally laundering large sums of money. “The federal government is currently expanding regulation necessary to limit [[money laundering]] by [[drug cartel]]s and [[terrorist]] organizations. The federal government has found that existing federal regulation of, and reporting requirements for, casino transactions are not sufficient to limit or reduce money laundering and that additional regulation is needed. News reports indicate that terrorists were using casinos (including Missouri casinos) in the course of the recent terrorist attacks. Thus, in this climate, it is not a time to loosen the regulations on casinos but a time to -- as the federal government is doing -- consider additional money laundering regulations for casinos and other gambling enterprises. An investigation by the United States General Accounting Office concluded that, ‘As the amount of money wagered annually has increased, casinos may have become more vulnerable to individuals who attempt to launder their illegal profits in the fast-paced environment of casino gaming.’” <ref>http://www.casinowatch.org/terrorists/money_laundering.html</ref> A gambling loss limit provides the regulation necessary to prevent such harmful and illegal money laundering from organized crime syndicates and terrorists alike. | The $500 loss limit also significantly deters the use of casinos as a means for illegally laundering large sums of money. “The federal government is currently expanding regulation necessary to limit [[money laundering]] by [[drug cartel]]s and [[terrorist]] organizations. The federal government has found that existing federal regulation of, and reporting requirements for, casino transactions are not sufficient to limit or reduce money laundering and that additional regulation is needed. News reports indicate that terrorists were using casinos (including Missouri casinos) in the course of the recent terrorist attacks. Thus, in this climate, it is not a time to loosen the regulations on casinos but a time to -- as the federal government is doing -- consider additional money laundering regulations for casinos and other gambling enterprises. An investigation by the United States General Accounting Office concluded that, ‘As the amount of money wagered annually has increased, casinos may have become more vulnerable to individuals who attempt to launder their illegal profits in the fast-paced environment of casino gaming.’” <ref>http://www.casinowatch.org/terrorists/money_laundering.html</ref> A gambling loss limit provides the regulation necessary to prevent such harmful and illegal money laundering from organized crime syndicates and terrorists alike. |