British Columbia Casinos Buckle Down to Eliminate Money Laundering, CEO Claims

British Columbia has been associated with money laundering allegations across its gaming field, the local housing market, luxury cars, and the horse racing field. Regardless of the concerning pieces of information that appear to emerge on a regular basis, Jim Lightbody, Chief Executive Officer of the British Columbia Lottery Corporation, ensured casino venues are doing their part in the money laundering battling.
The prevention of money laundering illegal practices is crucial for the integrity of every field, especially the gaming one in British Columbia. Implementing adequate measures and making sure they are respected by every member is crucial for preventing dirty money washing. Mr. Lightbody wanted to make it clear that casino venues want to clear their image and they are actively working towards achieving this goal.
BCLC Praises Casino Venues for Hard Work
This week saw the long-anticipated Kamloops Central Business Improvement Association’s Annual General Meeting, which gave everyone, interested the opportunity to learn more about various plans and projects in Kamloops. Mr. Lightbody used the tribune to express his contentment with the way casino venues are tackling money laundering allegations.
He claimed that facilities offering gambling activities have implemented many of the recommendations listed in former Mountie Peter German listed in his first report on money laundering called Dirty Money. He issued it last summer and took the field by storm with the scandalous revelations it featured about the magnitude of cash washing within the province.
As a result of that first report focusing on the casino industry in British Columbia, venues implemented the policy of cash source transparency that obliges every player bringing a buy-in larger than CA$10,000 to reveal the cash source.
Now that the second report focusing on the housing market is about to be issued publicly in the upcoming weeks, its recommendations are going to be taken into account too. Once it was finished, the report was sent to the provincial government for detailed review, a mandatory step in the process.
Money Laundering Efforts Continue to this Day
This aims to ensure that none of the information listed in the report directly interferes with ongoing investigations in British Columbia. Regardless of this part of the report is now available as a piece of information, proving an already existing suspicion that money laundering might not be tackled efficiently.
Mr. German informed that the government has reduced the number of RCMP officers looking into money laundering practices and that there are no investigators probing allegations of cash washing in British Columbia. Mr. Lightbody wanted to clarify that British Columbia Lottery Corporation partners efficiently with the Royal Canadian Mounted Police in order to facilitate the control and minimize money laundering practices.
He added that the corporation also collaborated with the gaming regulator and the Financial Transactions and Reports Analysis Centre of Canada, which receives regular reports for casino cash transactions surpassing CA$10,000.
Projections are that the field would see an improvement, already evident by the implemented more than 10 recommendations from the Dirty Money report. British Columbia Attorney-General David Eby recently pointed out that there has been a reduction. Meanwhile, Canadians still want a public inquiry.