Monday, 22nd April 2024

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The new rules require casino operators to present a declaration of the source of funds to prove the source of customer deposits.


The new B.C. government, which pledged to reduce the risk of organized crime-laundering funds after the money-laundering scandal engulfing the casino industry, has appointed Peter Jerman, former deputy director of Canada’s RCMP and Correctional Services, as independent experts, to investigate money-laundering cases in the most efficient way and submit a final report by the end of March next year.

This morning, the gambling community was awakened by news that the first recommendation had already been issued, and yesterday Mr. Evey said the government would implement it as soon as possible as part of an upcoming money laundering crackdown, adding Mr. Jerman did not elaborate but only warned of suspicious deals at BC casinos.

What is the set of recommendations
The self-regulating BC casino industry has become an easy target for money launderers, who have concealed their unjust enrichment and seemed legitimate. However, the BC government has already begun to find an efficient solution to this problem. The casino report has produced many articles focusing on the money laundering problem of BC casinos. Last week it came to the fore that British Columbia Lotto (BC) was given more authority in the provinces.

Apart from granting more power to the BCLC, the new government has announced it will unveil a severe money laundering crackdown. The crackdown awaits Peter Jerman’s report and his recommendations to be introduced by March 31, 2018. As mentioned earlier, the first two sets have already been introduced and the Government will not waste time to introduce them.

Casino operators are required to draw up a declaration of sources of funds for cash deposits in excess of CA$10,000. These declarations require information about customers, sources of funds, and where the money came from.

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