How can the US government take $7M from Betwwts

sean1 · May 18, 2006

I understand if the owners of Betwwts who are or were US citizens come back to the US, the US can arrest them for taking bets.

I do not understand how the US can freeze a bank account of theirs in some far off country.

I also do not understand how they can file money laundering charges. I was under the impression that money laundering involves making money and lying about how you made it. Betwwts is very open - they make their money booking bets.

Someone please clue me in.

Betwwts is an Australian company - I believe publicly traded. If the U.S. government is willing to try to tackle and Australian company all books are going to be in a real mess.

I love the song "Proud to be an American" but these days it is getting harder and harder to be proud. I can fight in a war, I can smoke cigarettes and kill other people, I can drink and drive, I can work 100 hour weeks, but god forbid I bet my own money on a sporting event.

Someone please explain what happened with Betwwts and please tell me there is more to the story - please tell me the owners did something in the US before they left and that the US is not just chasing and harming random businesses in other countries...

I mean you can't drink in certain countries. HOw would the US feel if one of these countries froze Anheisher Busch's bank accounts.

-Sean

TOW · May 18, 2006

99% of all banking jurisdictions comply with the requirements of the Patrioct Act. Not by choice, they were strong armed by several means; from closing foreign bank's international settlement accounts in USD to threaten to "black list" them, to sanctions.

With alleged money laundering charges foreign banks are OBLIGED to comply with the DoJ. No surprise there.

Fact of the matter is that the US didn't go after corporate bank accounts but the former owner's ones (or the ones in the names of companies he controlled).

Oddly enough, or maybe not, this could happen to many more individuals, but the spotlights are kept on an Antigua based operation....yes, the same Antigua that won the WTO case, the ruling that the US Government "kindly" ignored.....

DavidMatthews · May 18, 2006

There unquestionably is a tie-in with this case and the WTO situation. No doubt.

sean1 · May 18, 2006

Why would the US want to go after an Antingua based company? Wouldnt they want to leave them alone based on the WTO??

PokerKingJim · May 18, 2006

In case you haven't notice4d, the US government can and will do whatever it damn well pleases. Who's gonna stop them?

gopherbob · May 18, 2006

i thought i read the wto reversed its' decision.

sean1 · May 19, 2006

TOW can you explain this to me?

The Patriot Act as far as I understand it is U.S. based.

How does it require banks in other countries to do what the U.S says.

I mean I realize that some small ass country might comply, but based on the Patriot Act, if the DOJ wants to freeze some British Citizens money in England, the bansk in England will comply?

I do not doubt it. It just makes me cry if this is true...

-Sean

ChuckSims · May 19, 2006

Sean, the good ol' USA is the big bully to the world nowadays. No wonder the rest of the world hates us.

Fishhead · May 19, 2006

Chuck Sims said:
Sean, the good ol' USA is the big bully to the world nowadays. No wonder the rest of the world hates us.

As an American citizen of 45+ years, im beginning to feel ive been brainwashed by this government over the years.

:cryingcry

WorldNumberOne · May 19, 2006

Fishhead said:
As an American citizen of 45+ years, im beginning to feel ive been brainwashed by this government over the years.

:cryingcry

how long could it possibly take to wash that brain...

gbogo · May 19, 2006

the us govt would warn us banks to not allow a certain bank correspondant bank relationships here in the us - effectively blocking that bank from accepting us dollars - is how they can force action to be taken

however this is limited to individuals and or companies suspected of something illegal

so what im saying is they are pursueing this guy and freezing his personal accounts around the world - not the actual company itself

so to be clear barclays in uk has an account for this guy in singapore bahrain canada and australia-- the us govt says this guy is wanted by us for xy and z barclays freeze his assets or we lock you out of doing business here in the usa - they comply.

when it comes to a country its different like the wto ruling harder to say because costa rica has sports books no bank can do business with costa rica it cant happen that way - but for one individial or comapny yes

TOW · May 19, 2006

Sean,

Under the Patrioct Act DoJ can order a US Bank to severe USD international settlement account with any Bank located outside of the US if they suspect or investigate a money laundering related alleged crime.

A foreign Bank could experience serious problems without USD settlement accounts.

International settlement accounts are used for all USD transactions.

By example....a bank in the UK has to send a Dollar transaction to a bank in Singapore. Unless they have a direct settlement account they will need an intermediary bank, very likely US based because of the currency of the transaction.

Hope this explains why Banks can be "forced" into compliance even if residing in foreign jurisdictions.

sean1 · May 19, 2006

What a freaking mess

Seems you could be a very profitable bank by opening up in a foreign country and processing USD transactions - probably wouldnt work though. I know nothing about banking.

It is a very scary time when the DOJ feels it can do anything it wants to anyone it wants with no trial...

-Sean

DavidMatthews · May 19, 2006

Just curious...

Has the Patriot Act been used to fight terrorism yet?

Woody0 · May 19, 2006

David Matthews said:
Just curious...

Has the Patriot Act been used to fight terrorism yet?

...and you think that's why it was passed?

uppy:

ChuckSims · May 19, 2006

David Matthews said:
Just curious...

Has the Patriot Act been used to fight terrorism yet?

Not yet, but it has been extremely effective in confiscating personal property and personal info without a warrant.

TOW · May 19, 2006

Not only confiscations.... electronic surveillance, phone calls, searches on private properties...all without warrants....

America needs tools to protect itself from the terrorist threat. No doubt about that. However this administration seems to have utilized those tools for other purposes as well, certainly not the ones originally foreseen by lawmakers....

Government agencies likely know where Chuck Sims, or anyone else for that matter, wagers offshore.....

At the same time...and almost 5 years after 9/11, Bin Laden is still at large :nopityA:

PokerKingJim · May 19, 2006

The US government is far more of a threat to the american public than is terrorism. No doubt about that

tony1 · May 20, 2006

Poker King Jim said:
The US government is far more of a threat to the american public than is terrorism. No doubt about that

I AM STARTING TO BELIEVE THIS ALSO. MY GOD .... GAMBLING IS EVERY WHERE IN THE U.S.! EVEN CHURCHES HAVE GAMBLING !!!THIS STUFF ABOUT OVER THE INTERNET AND PHONE LINES IS A LOT OF BS! IF THE US WOULD GET THEIR ACT TOGETHER AND GET SMART ... MAYBE THEY COULD CAPITALIZE ON THIS TREMENDOUS SOURCE OF MONEY!

THE US GOVT IS THE BIGGEST HYPOCRITE OF ALL........

I REMEMBER A COUPLE YEARS BACK, I WAS PARTICIPATING IN A MARKETING SYSTEM THAT WAS PAYING OUT HUGE SUMS OF MONEY TO ITS MEMBERS. NO ONE LOST A CENT UNTIL THE GOVT STEP IN AND CLOSED IT DOWN. THEY CALLED IT A PONZI SCHEME!!

I LOST SEVERAL THOUSAND DOLLARS THAT I INVESTED IN THE PROGRAM BECAUSE OF THE GOVT ACTIONS!

THE US GOVT CALLED IT A PONZI SCHEME BUT THE US GOVT OPERATES THE LARGEST PONZI SCHEME IN THE WORLD ..... IT IS CALLED SOCIAL SECURITY!!!!!!!!

silver7 · May 20, 2006

This Probably Belongs In Another Forum But Since

this thread was started well!! Bush, Rove, Chaney, etc. are very dangerous. YES I`m a Dem. but I served this country for 24 yrs and love it! There is so much that has gone on that the American public has either ignored or tacitly agreed with that I`m truly frightened for the first time in my life. No one seems to really care and the O`Reilly`s, Limburgers, Hannity`s of the world keep spouting their RW BS. If there is no peaceful dissent then there is no liberty. I love my country but fear my government!!!