Start Company with Poker Money = Money Laundering?

SHnewbie · #1 02-13-2007, 03:56 PM

Someone I know has recently talked with a lawyer and the issue was raised that if someone were to start a company with funds won from online poker, that that person would be guilty of money laundering. Can anyone with a background in money laundering confirm or deny this?

Is the issue any different if you live in one of the 11 states that have laws against online poker?

I appreciate your comments and, mods, if this is better suited for the money making and business forum, please move.

SplawnDarts · #2 02-13-2007, 03:59 PM

Proceeds from criminal activity taint everything they touch pretty much.

That goes for online poker too.

RoundGuy · #3 02-13-2007, 04:18 PM

[ QUOTE ]
Proceeds from criminal activity taint everything they touch pretty much.

That goes for online poker too.

[/ QUOTE ]
Where is your source that says online poker winnings are "from criminal activity". You are clueless.

nineinchal · #4 02-13-2007, 04:18 PM

See, now its gotten to the point of absurdity.

What ever happened to the Constitution of the United States?
I rememeber something about having the right to life, liberty, and the PURSUIT of happiness. Where did the PURSUIT part go? Can't some Ron Kuby/William Kuntsler type get this in front of the Supreme Court?

What happened to my country?

SplawnDarts · #5 02-13-2007, 04:23 PM

[ QUOTE ]
[ QUOTE ]
Proceeds from criminal activity taint everything they touch pretty much.

That goes for online poker too.

[/ QUOTE ]
Where is your source that says online poker winnings are "from criminal activity". You are clueless.

[/ QUOTE ]

Violation of the wire act, per previous comments by US AGs and their representatives.

But I'm sure you know more about the law than they do, so barge right on ahead [img]/images/graemlins/laugh.gif[/img]

RoundGuy · #6 02-13-2007, 04:24 PM

How does the wire act cover poker? Answer, it doesn't. But, you keep saying it does. Why?

SplawnDarts · #7 02-13-2007, 04:36 PM

[ QUOTE ]
How does the wire act cover poker? Answer, it doesn't. But, you keep saying it does. Why?

[/ QUOTE ]

Because that's the position of the DOJ and US AG's office. But you know more about the law than they do, so clearly you're right [img]/images/graemlins/smirk.gif[/img]

atomicsoda · #8 02-13-2007, 04:54 PM

[ QUOTE ]
Someone I know has recently talked with a lawyer and the issue was raised that if someone were to start a company with funds won from online poker, that that person would be guilty of money laundering. Can anyone with a background in money laundering confirm or deny this?

Is the issue any different if you live in one of the 11 states that have laws against online poker?

I appreciate your comments and, mods, if this is better suited for the money making and business forum, please move.

[/ QUOTE ]

If you declare the income and pay taxes on it you can probably use it for business purposes. Money laundering is taking proceeds of illegal business and moving into into a legit business to disguise the source of those funds. You are not doing that if you declare gambling winnings and pay tax on it. Before you do anything, legal, tax and accounting professionals need to be consulted to deal with your particular circumstances and advise you of the risks.

SHnewbie · #9 02-13-2007, 04:59 PM

[ QUOTE ]

If you declare the income and pay taxes on it you can probably use it for business purposes. Money laundering is taking proceeds of illegal business and moving into into a legit business to disguise the source of those funds. You are not doing that if you declare gambling winnings and pay tax on it. Before you do anything, legal, tax and accounting professionals need to be consulted to deal with your particular circumstances and advise you of the risks.

[/ QUOTE ]

Your thoughts are similar to what mine have been. Taxes have been paid. I have contacted 3 prominent lawyers to look into this but still greatly appreciate discussion on this topic.

solucky · #10 02-13-2007, 05:25 PM

you dont know your country !!
The US kidnapped a german guy and brought him to guantamo for 5 years !!!He had nothing to do with terror !!!
The germans analysed 14 CIA-agents that was involved withn the kidnapping and want see them in the courthouse, of course the us denied that. It has nothing to do with poker, but it show the world is not fair.