On Thursday 27th April, the European casinos hit back at a report published by the NGO Transparency International on shortcomings in the fight against money laundering in Europe (see EUROPE 11774).
In the first scenario outlined by TI, casinos can be used to launder money by purchasing large quantities of chips for cash, gambling only some of them and then redeeming the remainder by cheque or bank transfer from the casino, claiming that all of the chips came from wins at the casino.