G7's Financial Action Task Force

[bucky]

What a mess! How many other sportsbooks use The Bank Of Nevis? This thing could be like dominos with other Banks offshore haveing the same hassle.

[AussieVamp2]

Reno,

Don't think people actually in Vegas would want a 15% tax on every dollar they bet paid up front - even better for anywhere not in the US if that happened though - actually, that would give Vegas a reason to get rid of sportsbetting completely though?

Especially if they were talking about 1300 betting limits for a day? 65 20 dollar bets? I could even get to that.....

[JohnnyDeMarco]

I understand now that First Union Bank is under pressure from the Justice Department to quit dealing with offshore banks that deal with Offshore bookmaking. I want to make it clear that no action has been taken yet, but it could come at any time.

[ShiftySheik]

JD, There will be no "field day" for the IRS & FBI. Nevis banks will not disclose any information about their account holders. Nevis is one of the best offshore financial centers because of their secrecy. The IRS & FBI will only see incoming or outgoing transfers to/from XYZ Co. or other names of IBC's. They have no way to match an individual with an IBC unless the individual does something stupid like moving money between his personal US account and the IBC account. That is the beauty of an IBC.

Is the fact that First Union is located in Florida have anything to do with the pressure they are under from the Gov't? Florida has always been an unfriendly state for sportsbooks. Some CR banks use Florida banks for US transfers also. They could be targeted next.

I was reading some of the stuff on the FATF's web site www.oecd.org/fatf/. Interesting reading on what money launderers are up against.

[JohnnyDeMarco]

Shifty,
I wasn't referring to the Bank of Nevis turning over records-I was referring to sister banks in the US (like B of NY)turning over records (payouts to players)I think the way it works is that the Nevis Bank has an account at the Bank Of NY. I am not sure whether or not the particular sportsbook account information at the Nevis Bank would be accessible at the Bank of NY. A lot of offshore places use runners that simply cash checks and pay players. They are at extreme risk. I am not exactly sure how this First Union thing got started. I do know one thing, about a year ago Janet Reno stated that they were going to crack down and seems as if they are. I wonder how many shops have consulted with top notch attorneys on how to pay players?

[bigtimehoops]

MLS,

Your seem like an intelligent man, I make that assestment by reading your past posts. One thing that baffles me though is how a smart man like yourself feels that the information that JD kindly provides us needs to picked apart. He plainly stated that the Bank of Nevis is in trouble. I myself pretty much read between the lines and could tell what he meant was sportsbook related I could give a rats ass if the Bank of Nevis is rock solid if the fact of it being a haven for several books out there is in jeopardy. To me, MLS thats important info for others and I to know. Time you give a little credit where credit is do.


Shifysheik,


FYI First Union is headquarted out of Charlotte NC , with banks in various
states including Florida.


The bottom line is whats going on with the Bank of Nevis for the offshore industry is a bad thing, a very very bad thing.


BTH

[Cashman]

I wonder how this will affect those with offshore accounts at banks that have been blacklisted? Will they be under pressure from feds to reveal their clients?

[JohnnyDeMarco]

Cashman,
They will be under intense pressure to give up as much as possible.

[JohnnyDeMarco]

Parlay boy,
please read this thread.