Saturday, October 1, 2011
Casino and money laundering
I heard that casinos are used for money laundering. Here is my guess on how it works.
The customer brings "dirty" money, e.g. obtained through corrupt or illegal means, to the casino and converts them to non-negotiable chips. When the customer uses the chips to bet. When the customer wins a bet, the customer is paid with negotiable chips. The customer can convert the negotiable chips back to cash and is given a receipt by the casino. The customer can report that his wealth comes from winning at the casino. He does not have to report the money that is brought in for the gambling.
Is this how it works?
Read this article on money laundering. There is a mention about betting in a casino.
The customer brings "dirty" money, e.g. obtained through corrupt or illegal means, to the casino and converts them to non-negotiable chips. When the customer uses the chips to bet. When the customer wins a bet, the customer is paid with negotiable chips. The customer can convert the negotiable chips back to cash and is given a receipt by the casino. The customer can report that his wealth comes from winning at the casino. He does not have to report the money that is brought in for the gambling.
Is this how it works?
Read this article on money laundering. There is a mention about betting in a casino.
Occupy Wall Street
There is a protest in New York called the "Occupy Wall Street".
It is targeted at "bankers and traders who run the financial markets and their enablers in Washington have hijacked the system from ordinary Americans who just want a decent job and a home of their own."
More details here.
It is targeted at "bankers and traders who run the financial markets and their enablers in Washington have hijacked the system from ordinary Americans who just want a decent job and a home of their own."
More details here.
Friday, September 30, 2011
High cost of living and low wages
In this article, Leong Sze Hian pointed out that Singapore ranked as the 10th most expensive city in the world and the wage level of the people ranked at 42nd. This is why many Singaporeans had to work hard and for long hours just to earn enough to pay for the cost of living.
Challenges facing Singapore
Here is an excellent article by Lucky Tan who writes about the problems that will be faced by Singapore in the near future, as we have many of the characteristics of America that has caused huge challenges to their government. I agree with his views as stated in this article.
New rules on evidence
The Ministry of Law is seeking public views on several changes to update the rules on evidence to be submitted in court. I welcome this move to move with the times. It is an encouraging step.
There are many other areas on updating our laws and enforcing our laws. I hope that the Ministry will be more active in these areas, as the administration of justice in Singapore leaves much to be desired.
There are many other areas on updating our laws and enforcing our laws. I hope that the Ministry will be more active in these areas, as the administration of justice in Singapore leaves much to be desired.
Subscribe to:
Posts (Atom)