Canadian casinos find themselves in the crosshairs of authorities for possible money laundering
News from the world of casinos regularly makes the front pages of various publications. This is often for the better as they can involve feel-good stories like players winning a big progressive jackpot. Sometimes however, this can also be for the worse, such as when a robbery has been committed or cheating has been discovered. It can also be the case that institutions themselves are found at fault for turning a blind-eye to suspicious activity, as in cases of money laundering. The next section talks about recommendations to address suspicious activities at casinos in British Columbia, Canada.
Report on suspicious activities
A report from Peter German who is the former deputy commissioner of the Royal Canadian Mounted Police (RCMP) and Correctional Service Canada has just been made public. It recommends steps to address suspicious activities. Concerns were earlier raised about a former report commissioned by the former Liberal Government in the province of British Columbia. It noted that one particular casino called River Rock Casino had accepted a highly suspicious deposit of C$13.5m in C$20 bills in a single month.
Recommendations on oversight and transparency
To address the problem of money laundering in British Columbia casinos, interim recommendations were made pertaining to oversight and transparency on large cash transactions at casinos. The first is requiring casinos to provide what is being called a source of funds declaration on cash or bearer bond deposits of C$10,000 or more. The declaration must include the identity of the customer, source of the funds, the name of the bank and the account. Once the customer has made two large deposits, the casino is prohibited from taking any more before verifying that it is not suspicious or illegal.
The second recommendation wants a government regulator to be assigned to all major casinos on the Lower Mainland on a 24/7 basis in order to scrutinize the various transactions carried out.
The Attorney General David Eby has indicated that the interim recommendations to stop money laundering in B.C. casinos will be implemented as soon as it is possible to do so.