Massive Money Laundering Issue Revealed In B.C.Casinos

Published Wednesday, June 27, 2018 -
Massive Money Laundering Issue Revealed In B.C.Casinos

The use of online casinos and terrestrial betting venues are at risk from the unscrupulous crime organizations who seek to launder their ill gotten gains. The problem is being addressed by governments and regulatory bodies that are well aware that this is a difficult task.

The recent revelation was made by the Canadian province of British Columbia’s Lottery Corporation that they are aware of the rampant use of the government run casinos as a money laundering facility. The BC Attorney General David Eby released a 250-page report called ‘Dirt Money’ prepared by independent investigator Peter German in response to revelations of money laundering activity by Chinese high roller gamblers at the province’s privately managed although government controlled casinos.

German was critical of the former British Columbian government saying the government had ignored the growing problem for years and had failed to reduce the massive scale of the illegal activity in its casinos,. German said it was “not of one entity or person, but of the system.” Adding, “nobody said no.”

It has been suggested that an independent gambling regulator is necessary to remedy the problem of having one branch of the government overseeing gambling activity while another branch enforces the regulations. The issue of global money laundering has not been isolated to only Chinese funds but also many other organized crime groups who use ‘the Vancouver model’ to wash the dirty money.

Measures have apparently been implemented in British Columbia with new anti money laundering rules which has stemmed the deposits of cash all over the globe. Betting limits are under review a measure that will help cure the criminal activity. It was noted that Canada’s provincial gambling monopolies are effectively subject to less regulatory scrutiny than the internationally licensed online gambling operators.




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