In response, authorities set up a new investigative unit, which led to a number of arrests that are believed to be connected to money laundering and illegal gambling operations.<\/p>\n
According to Eby, the style of money laundering that has been prevalent in the region’s casinos has become known as \u201cthe Vancouver model.\u201d He says that this model includes underground Chinese banks connected to organized crime laundering money from Vancouver back into China as well as other locations, along with illegal drug networks across North America.<\/p>\n
\u201cThe challenge to date has been a lack of political will to deal with this issue in any kind of significant way,\u201d Eby said.<\/p>\n
Legislators have also given expanded powers to the British Columbia Lottery Corporation (BCLC). The regulator now has more authority to fine casinos or even strip them of their licenses entirely if they find that the venues are not in compliance with expected anti-money laundering protocols.<\/p>\n
While the changes should help crack down on illegal activity in BC casinos, Eby did concede that they will also likely reduce how much the province will rake in from gaming.<\/p>\n
\u201cI understand that if we take the steps we have to take on this issue, there will be an impact on gambling revenue,\u201d he said. \u201cI don\u2019t see any way around it, because the people who are alleged to be involved in money laundering are also significant gamblers.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
Casinos in the Canadian province of British Columbia will start to roll out new anti-money laundering policies in the near future, pushing to combat what the provincial government believes is the suspicious transfer of funds through Vancouver-area gambling venues. According to BC Attorney General David Eby, the new interim recommendations will be implemented \u201cas soon […]<\/p>\n","protected":false},"author":42,"featured_media":64742,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\n
British Colombia Casino Anti-Money Laundering Procedures in High Gear<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n