Casinos are often used by criminals as a front for money laundering crimes. All casinos must have a proper system and prevent money laundering and terrorist financing. Canada’s gambling industry is growing, but money laundering and other corrupt activities have been a headache for the government. Last year, a repressed casino report revealed laundering suspicious cash transactions through casinos in Canada’s lower mainland.
The RCMP investigation into allegations of underground banking and drug cash laundering at B.C. casinos revealed a complex terrorist financing system. Attorney General David Evey has appointed Peter Jerman, former deputy director of the RCMP and author of a textbook on organized crime, to carry out a review of anti-money laundering policies and practices in British Columbia. In December last year, the Anti-Money Laundering Review drew the first recommendation relating to local money laundering policies.
The first recommendation states that all casino operators must complete a “Declaration of Sources of Funds” for cash deposits and anonymous bond deposits in excess of CA$10,000. The second recommendation is that government regulators should be on standby 24 hours a day in operations with a high stake in the lower mainland. But the scale of the problem seems to have much deeper roots.
FENTANILE-BBC to crack down on property money laundering
Not long ago, Mr Evey promised to do what is necessary to prevent money laundering in local land-based casino operations, but the plan appears to be much more sophisticated and affecting the real estate sector. This will lead to new rules to reduce money laundering practices by granting large cash loans and mortgages to Vancouver-area property owners. By the end of March this year, Mr. German will make all his recommendations.
According to a survey by Globe and Mail, 17 local residents are investing millions of dollars in private loans and mortgages in Vancouver-area properties. The money is known to have been obtained illegally. Then, the borrowers are repaid in large amounts of clean cash. three of the borrowers were caught red handed holding $600,000 worth of fentanyl in cash.
In recent years, only three lenders have registered more than $20 million in multi-million dollar mortgages and other liabilities. Globe and Mail found that a total of 17 of these lenders were involved in the scheme. They claimed a stake worth $47 million. In addition, lenders have been found to be interested in 45 Vancouver-area properties in recent years.
Chinese newcomers with “deep pockets” have most often been reported to be prey to such lenders. 슬롯사이트