Fresh Money Laundering Inquiry Into British Columbia Casinos

Fresh Money Laundering Inquiry Into British Columbia Casinos

It seems that problems are not ending for British Columbia casinos. A new money laundering inquiry has been set up for the casinos operating in the Canadian province.

British Columbia casinos have been infamous for money laundering and also popular among gamblers of varied tastes as the casinos here would accept any amount of cash without verification.

On Wednesday, it was announced that a team of experts headed by BC Supreme Court Justice Austin Cullen would inquire into the money laundering activities plaguing the casino and gambling industry. The team would also inquire into other sectors, including real estate.

Recently there have been a series of reports surfacing from different sources which have claimed that British Columbia casinos are sort of a paradise for money launderers.

Of all the British Columbia casinos, the River Rock Casino in Richmond Vancouver was most embroiled in controversies related to facilitating money laundering.

However, investigating a case of alleged Money Laundering against the River Rock Casinos, the British Columbia Lottery Corporation reported that it found “no systematic pattern of money-laundering activity” concerning the cheques sent by the River Rock Casino in Richmond.

The state lottery outsourced the “cheque by cheque analysis” task to Ernst and Young. There was payment of over $100,000 made by the casino in two years between 2014 and 2016.

Responding to the growing menace, the government also introduced new regulations to curb money laundering activities in British Columbia casinos.

The new regulations have taken a toll on the gambling revenues as many casinos lost clients after new rules came into effect.

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