December 5, 2017 4:41 pm
Updated: December 6, 2017 11:31 am

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

The provincial government has announced new rules designed to crack down on the laundering of organized crime money through B.C. casinos. Ted Chernecki reports.

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

LISTEN: Jon McComb talks about B.C.’s crackdown on money laundering in casinos

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.

READ MORE: B.C. Attorney General calls for review on money laundering at casinos following report

“This presence will allow for an increased vigilance required in casinos. In particular, it will assist with issues surrounding source of funds, third-party cash drops, and other operational support for gaming service providers and [BC Lottery Corporation],” read a release from the government.

WATCH: Bombshell report alleges major money-laundering scheme operated through B.C. casinos


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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.

“I have every confidence that when [German’s] final report is filed with the recommendations that we will be in position to address this issue comprehensively,” Attorney General David Eby said Wednesday.

READ MORE: ‘Someone is dropping the ball’: B.C. casino worker speaks out on money laundering

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

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

WATCH: Richmond lawyer claims over $7.5M in trust money was stolen and laundered through a casino

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.

READ MORE: Gaming Corporation responds to allegations of money laundering at River Rock Casino

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