Taxation of roulette profits

17Dec/09Off

Taxation: Roulette gambling winnings are tax free, so they are often placed in the context of black money or money laundering. However, this is a fallacy, as money laundering means the conversion of cash into bank money. Because profits from casinos are generally paid in cash without a receipt, can take place in casinos so no money laundering in the original sense. If this statement is correct, then one could withdraw from the casinos money laundering law completely, which are spelled out in casinos and the identification requirement is determined from a value of 1,000 dollars.

The Financial Intelligence Unit of the Federal Criminal Police Office (BKA / FIU) presented the 2003 annual report on page 12 on this subject noted the following: "Despite the widely disseminated presumption of the use of casinos for money laundering activities, the FIU was reported in 2003 by the casinos only a single suspect message. "According to the Federal Criminal Office, but there is still a suspicion that casinos are used for money laundering. There are countless variations to use casinos for money laundering, they may consist, for example in the issuance of checks from the casino or the opening of capital accounts to be used for game players. However, dampen the high tax revenues from gambling to the political will, money laundering in casinos in the crucial capital movement by legal means to prevent effectively.

The report on the 174th Meeting of Interior Ministers Conference of Countries of 8 July 2004 in Kiel, the Home Ministry expressed its concern about the inadequate implementation of money laundering in casinos. Quote: "In a survey in 2003, the Federal Ministry of the Interior, given the remarkably low number of things from the field of casinos in the years 1998 to 2002, however, expressed doubts about the exercise of sufficient money laundering legislation in this area."

In the Annexes to the Annual Report 2003-2004, the Financial Action Task Force on Money Laundering (FATF made) aware of shortcomings in the rules on money laundering. Specifically, the FATF criticized in Annex C, that there was no specific penalties for cases in which was omitted to inform the authorities about suspected money laundering transactions. Scince June 2003 must have all the Member States of the EU Second Money Laundering Directive (Directive 2001/97) into national law. In the Second Money Laundering Directive casinos are also covered. Piergiorgio Gambelli 6. According to the European Court of Justice, most recently in Case C-243/01, Piergiorgio Gambelli and others, November 2003, allowed the EU member states restrict gambling only on grounds of public interest - such as protection against money laundering and gambling addiction -.