First anti-money laundering recommendations for B.C. released by independent review

B.C. has received two recommendations so far from the ongoing independent review into money laundering in the province.

One of the recommendations coming out of Peter German’s review asks gaming providers to complete a “source of funds declaration” for cash deposits or bearer bonds of $10,000 or more – so where is the money coming from and is it suspicious or illegal in nature?

Secondly, government regulators need to be on-site at big, high-volume operations in the Lower Mainland on a 24/7 basis.

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What remains unclear is whether those on-site government regulators will be empowered to reject large cash transactions on the spot.

“It’s not a small matter, there is a distinct possibility that recommendations coming will impact gaming revenues in the province.”

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Eby said the province accepts the German report’s first two recommendations, and that the province will be implementing them “as soon as possible.”

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The review came after B.C. Attorney General David Eby released a report that raised questions about the issue of money laundering in B.C. casinos.

The full independent review is expected to be completed by the end of March 2018.