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money laundering

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  • #1440
    barry dennis
    Member
    • Total Posts 398

    One of the many idiotic questions that has to answered in bookmakers licence applications to the new gambling commission,

    how to recognise and report to the authorities evidence of money laundering.

    question, HOW CAN PUNTERS LAUNDER MONEY BY GAMBLING?

    50 years in the game and even I havn’t a clue

    ideas please.

    #53229
    Seagull
    Member
    • Total Posts 1708

    Barry,<br>If you have any problem with this you best to ask your mate Alan Marcel.<br>It would be interesting to find out how he answered this question.;)

    Wonder if the likes of Ladbrokes have to account where every pound of punters money has come from?

    Of course there has been that warning to those bookies who stood at Cheltenham after the big cash robbery in Ireland it was thought the I.R.A. could have cleaned up some of the money back backing short priced jollies at Cheltenham.

    #53230
    barry dennis
    Member
    • Total Posts 398

    ladbrokes(chris bell) william hill(david harding) corals(wilf walsh) all have to fill out these forms.

    but saying you won it in cash from bookmakers doesn’t wash any more.

    #53231
    Artemis
    Participant
    • Total Posts 1736

    Money laundering was quite common in bookmaking in pre-drug days.

    Course bookmakers who also had betting offices and credit or deposit clients, could easily absorb ‘dirty’ money and turn it into clean money by running course operations at a ‘loss’. Winning clients were either ficticious or people who needed money laundering. The latter would pay a percentage, somewhat less than the prevailing rate of tax.

    #53232
    barry dennis
    Member
    • Total Posts 398

    the question refers to me recognising PUNTERS laundering money

    #53233
    Anonymous
    Inactive
    • Total Posts 17727

    Quote: from barry dennis on 8:43 am on April 20, 2007[br]One of the many idiotic questions that has to answered in bookmakers licence applications to the new gambling commission,

    how to recognise and report to the authorities evidence of money laundering.

    question, HOW CAN PUNTERS LAUNDER MONEY BY GAMBLING?

    50 years in the game and even I havn’t a clue

    ideas please.<br>

    bd

    Either you’re incredibly naive, or you think we are.:o <br>British racecourses must be one of the easiest places in the world to ‘manufacture’ income. Where else do large amounts of cash change hands so frequently in complete anonymity?<br>Even the daftest thief or drug-dealer could go to a racecourse with his wad and back every favourite, or even every horse in every race, and return a reasonable amount of his outlay.<br>As long as the money was spread around enough, none would be any wiser, and it would be a simple matter to record his winning bets, and whom they were struck with, along with enough of the losers to show a plausible income.<br>Difficult  to pretend it doesn’t happen too, when bookmakers have been known to take unreported bets from some felon in sunglasses and a balaclava.:biggrin:

    #53234
    Mr Frisk
    Participant
    • Total Posts 163

    Perhaps someone who always backs the short prices and usually waits until two or three more races have passed, or until the next meeting, to cash winning tickets?

    #53235
    betlargebetlarge
    Participant
    • Total Posts 2663

    Look, I have made millions out of prostitution, gambling, prostitution, people-trafficking, prostitution, a numbers racket and prostitution.  My years of pimping in da hood have taught me it’s easy to launder money.

    Just as a guide for you Baz, I generally approach an on-course bookie with a large sack marked ‘swag’ whilst wearing a stripy jumper and beret.  I look a bit like a latter-day Bill Sikes.

    I’ve never been turned down yet.

    Piece of p*ss.

    Mike<br>

    #53236
    PompetePompete
    Member
    • Total Posts 2391

    1 – Leather jacket, new mobile phone, east european accent.

    2 – Baggy Jeans, loads of bling, gold tooth, says "innit" a lot.

    3 – Been under investigation by the HRA (Jockey Club) for a minimum of 10 years.

    Good luck with your exam – hope this helps.

    #53237
    Aragorn
    Member
    • Total Posts 2208

    Cashing the winning ticket isn’t what this is about. It’s about the deposit of "dirty" money.

    If you walk into a bank and try and pay in £5000 in cash you will be asked questions as to where it came from and in some instances there will be investigations behind the scenes as to whether the deposit seems plausible.

    If I wanted to launder money i’d hedge my bets by backing every favourite that day to as much money as I could feasibly get on per race. The returns may be reduced but the money would be clean.

    It’s much the same as buying a car for cash or even putting down a deposit, taking finance, settling quickly and then selling the car. You will lose money doing it but your money will be clean.

    Bookies is an easy way of getting the money cleaned. If you knew there was someone in the ring betting heavily on a certain horse with several bookmakers, the bookies would probably assume they "knew" something.. The other reason may be because he wants rid of his dirty money.

    To say you can’t understand it Barry is naive for someone of your age and interests. I’m sure you’ve come across a few dodgy characters in your time. To put it in place with an on-course bookmaker though is, I appreciate, pretty difficult. I can you see the bookies with debit card machines soon enough!!!!!! :biggrin:

    #53238
    bluechariot
    Member
    • Total Posts 569

    All part of Blairs police state

    #53239
    barry dennis
    Member
    • Total Posts 398

    I get it, at big meetings, ascot cheltenham aintree, look out for someone having, say £5K or £10K bets on favourites.

    please , that just dont happen, do you lot go racing regularly, there aint anyone playing in CASH to these amounts

    #53240
    Glenn
    Participant
    • Total Posts 1981

    The Scottish wallpaper carrier bag man wouldn’t waste his time with 5k or 10k cash bets.

    Then we have the 50k+ cash bets reported by laddies on long odds-on jollies.

    Barry – I suggest you lose the dumb insolence when it comes to actually filling in the forms.

    #53241
    barry dennis
    Member
    • Total Posts 398

    maxilon5,  big help thanx, dont know how to forward from message box, could you please forward to clare@barrydennis.co.uk

    #53242
    Aragorn
    Member
    • Total Posts 2208

    Quote: from barry dennis on 12:31 pm on April 20, 2007[br]I get it, at big meetings, ascot cheltenham aintree, look out for someone having, say £5K or £10K bets on favourites.

    please , that just dont happen, do you lot go racing regularly, there aint anyone playing in CASH to these amounts<br>

    If there isn’t you haven’t got a lot to worry about so you can fill out your form and stop moaning about it!!! I’m not a racecourse bookmaker, neither do I stand next to them waiting to see if anyone lumps any massive cash bets on!!  If they’re paying via debit cards/ credit betting the banks would have done the checks for you in the first place.

    You can carry on with your "What do I know guvnor? I’m just a bookie" routine!!

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