With Growth of Legalized Gambling, Some States See Need for New AML Laws

By Colby Adams

Fueled by the need to fill budgetary coffers, the expansion of casinos in the United States will likely foster another sort of growth-more state anti-money laundering laws. Since 2008, at least 10 states have voted to legalize or expand casino gambling. Increasingly, those states will seek to expand complementary anti-money laundering laws and rules, in part to win seized criminal assets, said James Freis, the former director of the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). "One of the aspects of criminalizing money laundering per se is that you don't necessarily need to show a definitive link between the...