Money laundering penalties made tougher in Ohio sports betting bill

A bill that would legalize sports betting in Ohio was heavily changed Thursday to prevent people from using laundered money in the games.

House Bill 194 also has changes to ensure Ohio conforms with the federal Wire Act, which the U.S. Department of Justice has recently determined it can use to go after online gambling.

H.B. 194 is one of two measures wending through the Ohio General Assembly that would legalize sports betting, which the U.S. Supreme Court permitted in states in a decision about a year ago. The other measure is Senate Bill 111, which is different because regulation would be under the Ohio Casino Control Commission, rather than the Ohio Lottery Commission in HB 194.

HB 194 now specifies it would be a fifth-degree felony on the first offense and a fourth-degree felony on subsequent offenses to try to interfere with a sports betting facility’s submission of reports under the Bank Secrecy Act of 1970, the Federal Deposit Insurance Act and state banking laws. Rep. Dave Greenspan, a Westlake Republican who is a bill sponsor, said that the laws help the government trace laundered money and prevent it from getting into the gambling industry.

Read more here.

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