Tax Evasion in Puerto Rico

Economics and tax officials in Puerto Rico estimate that the territory fails to collected an estimate $800 Million in tax revenue from due to unreported income each year. The island currently has a 7 percent sales tax that residents avoid through the use of cash transactions. According to data from the US Treasury, over 80… Continue reading Tax Evasion in Puerto Rico

How Much Banks Spend on Anti-Money Laundering

According to previous estimates by security agencies and the financial industry, between $1.5 Trillion to $2.5 Trillion is laundered around the world each year. In order to combat terrorist financing, drug trafficking profits and tax evasion, countries have implements various financial regulations and created inter-governmental bodies such as the Financial Action Task Force. In order… Continue reading How Much Banks Spend on Anti-Money Laundering

Money Laundering Statistics from Singapore in 2013

The agency responsible for anti-money laundering campaigns in Singapore reported an increase in cases during 2013. According to the Commercial Affairs Department, the agency received 22,417 suspicious transaction reports during the 2013 year, and increase of 25 percent from the previous year. In 341 instances, the agency provided intelligence to foreign agencies, up from the… Continue reading Money Laundering Statistics from Singapore in 2013

Examples of the Size of Illegal Gambling on the World Cup

Two cases of illegal gambling syndicates in Asia highlight the amount of money being wagered on the 2014 World Cup. Police in Macau broke up a ring that took in $645 Million during the opening matches. 22 people were arrested by police in China, Hong Kong and Malaysia. The syndicate was operating out of three… Continue reading Examples of the Size of Illegal Gambling on the World Cup

Illegal Online Gambling in Malaysia

Security officials estimate that illegal online gambling syndicates earn up to $2.4 Billion (7.9 Billion Malaysian Ringgit) a year from illegal gambling activities in Malaysia. Intelligence by enforcement agencies shows that online bookies are able to make a daily profit of $3,112 (10,000 Ringgit) from illegal gamblers in the Malaysia. A start-up gambling website with… Continue reading Illegal Online Gambling in Malaysia

Money Laundering Through Sports Betting

A study conducted by the International Centre for Sport Security and the Sorbonne in Paris stated that up to $140 Billion is bet on sporting events by people looking to launder money. Up to 80 percent of global sports betting takes place on illegal gambling markets, such as offshore books and unlicensed online casinos. The… Continue reading Money Laundering Through Sports Betting

Unreported Gaming Revenue in Macau

A gaming analyst in Macau told the South China Morning Post that an estimated $90 Billion in gaming revenue in Macau was unreported in 2013. Officially, the gaming industry and casinos in Macau reported $45 Billion in revenue in 2013. (Additional illegal gambling statistics.) One of the main methods of avoiding currency controls is through… Continue reading Unreported Gaming Revenue in Macau

Money Laundering Cases in Jeddah

Between 2011 to 2013, the criminal justice court system in Jeddah, Saudi Arabia received 53 money laundering cases that targeted 22 Saudi nationals and 31 foreign workers. The cases involved anonymous bank transfers, illegal collection of money, fraud, profiting from public office, and other methods of money laundering. According to financial security experts in the… Continue reading Money Laundering Cases in Jeddah

Use of Online Gambling Sites to Launder Money

A threat intelligence report by McAfee has found that many cyber criminals are using online gambling sites to launder money that they have earned from ransomware and other cyber crimes. According to internet security researchers, criminals use VPNs and online currency such as Bitcoins to fund their accounts at online gambling sites. Due to the… Continue reading Use of Online Gambling Sites to Launder Money

Types of Bets Placed at Illegal Casinos in India

According to a report by accounting firm KPMG and the Federation of Indian Chambers of Commerce and Industry, the estimated size of the illegal gambling market in India is worth $49 Billion (3 Trillion Rupees). In a report by Reuters news, most of the illegal casinos operated out of jewelry shops. This allows the bookmaker… Continue reading Types of Bets Placed at Illegal Casinos in India