British Columbia Government Money Laundering

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The government of British Columbia has been involved in money laundering since 2011, and the liberals seemed not to want to do anything about it. It is 2017, and it is still the same situation. However, there is a report that was released recently by David Eby, the Attorney General.

The report reveals poor money management and the less strict rules by the local casinos and British Columbia Lottery Corporation (BCLC). It was conducted by the Gaming Policy Enforcement Branch which is overseen by the BCLC.

British Columbia Government Money Laundering

2016 Money Laundering Report

River Rock Casino Resort is the local casino that is mentioned in the Attorney General’s report. It was reported that in July 2015 the casino received C$13 5 million. The money was collected in C$20 bills which were questionable because it raised the issue of money laundering and criminal activities at the gambling venue.

The Richmond casino has a lot of VIP visitors who are mostly Chinese. Most of these casino guests did not declare where they were getting their money from. The players were exchanging over C$500 000 worth of money for chips. This exceeds the exchange quota that Chinese are allowed when in Canada.

Reporting Transactions

According to the British Columbia law, local casinos have to report transactions activities from C$10 000 and higher at the Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC). However, in the case of the River Rock Casino Resort, 54 187 sizeable transactions were reported. Out of the reported transactions, only 1 1194 were considered suspicious.

The NDP Green Coalition take on the Money Laundering Report

The NDP Green Coalition has taken the place of the BC Liberals in the local government. They intend to undertake their review of the report. This will help them find measures or solutions in dealing with the report. They also want to strengthen compliance of the local casinos in the province.

Read the report here.

By | 2018-03-12T10:45:32+00:00 September 26th, 2017|Uncategorized|Comments Off on British Columbia Government Money Laundering

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