Treasury Department Implements New Policy

Alan Feldman, a representative for MGM Mirage, feels that even though more formalities will ensue, and the data collected confirms to be helpful, then the new rule has proven itself effective. Mr. Feldman elaborated on that point, saying," We're already required to file suspicious activities reports for transactions of $3,000. So this really seems to address smaller operations in smaller gaming states."

The head chief of the House Gaming Caucus, Rep. Jim Gibbons of Nevada, commented on the new rule. Mr. Gibbons feels confident that this new procedure will not have a negative impact on Nevada's gaming home and that it's impact doesn´t seem to be a troubling infringement on the Industry. The chief noted that, "There is no evidence that any terrorist has ever used casinos as a money-laundering tool."

Nonetheless, the new federal ruling will enter the system in six months, and will replace two previous rulings. The ruling overrides state rules, casinos and licensed gaming venues that total profits of more than a million dollars yearly. They would then be subject to act in accordance with the new policy. A 1985 ruling which permitted Nevada's gaming clubs to disclose illegal money dealing reports to the Nevada Control Board, will now report straight to the Federal government, and phase out as well.