Industry Reports

BCLC Experts Ready to Offer Essential Insights during B.C. Money Laundering Public Inquiry

This fall comes with a long-anticipated public inquiry into money laundering within British Columbia. It is about to look further into the money laundering trend that has been an underlying issue across many fields.

As many as 16 organizations received green light for participation in the inquiry and some of them are no other than British Columbia Lottery Corporation, British Columbia Ministry of Finance, the Federal government, as well as Canadian Gaming Association.

British Columbians have been more than eager to learn more about what enabled money laundering to become associated with their province over the past few years. Vulnerable fields to the likes of gambling, real estate, as well as the luxury vehicles one have all been linked to dirty cash being laundered on a regular basis, often reaching copious amounts.

First 16 Organizations, Individuals Approved

For instance, Simon Fraser University business Prof. Maureen Maloney transformed this spring with a report on real estate revealing staggering sums. Combating Money Laundering in B.C. Real Estate report showed that on a national level, some CA$46.7 billion was washed in 2018 solely.

British Columbia ranked third following Alberta and Ontario with its CA$6.3 billion of dirty cash washed. As many as 20 government organizations filed their applications for entering the public inquiry, as they are willing to support the process and optimize it to the best of their abilities.

Some 16 of them received permission to enter the inquiry, among which the Crown corporation directly related to brick-and-mortar casinos, lottery offerings, as well as online gaming on a provincial level. Earlier this year, the corporation expressed its determination to collaborate.

In addition to those, the Law Society of British Columbia, as well as the British Columbia Civil Liberties Association have also been approved for participation in the inquiry. Apart from the corporations, individuals also have the right to aid the inquiry process with their input and some of them already received a nod. Robert Kroeker is going to offer his insights into money laundering and the local gaming field, as he has experience in it.

B.C. Residents Offer their Perspective

Throughout his career, he has held positions within the structure of Great Canadian Gaming Corporation, British Columbia Lottery Corporation, as well as the British Columbia Civil Forfeiture Office. This experience has equipped him with the necessary insight into the industry that would be essential during the inquiry. Furthermore, other individuals such as James Lightbody would also participate in it.

He is currently on a medical leave of absence, but up until a month ago, he served as President and Chief Executive Officer of BCLC for over five years. Ross Alderson, BCLC’s former Director of Anti-Money Laundering, Brad Desmarais, Vice President of Casino and Community Gaming at BCLC, and Fred Pinnock, former head of B.C.’s Integrated Illegal Gambling Enforcement Team also received approval.

The approved organizations and individuals would have an active role during the various stages of the inquiry, as well as give them the right to offer crucial evidence support of their position. Now that the approval of the first set has been given, it is time for several public meetings across British Columbia, allowing locals to speak up their mind and highlight everything concerning that should be inspected in the future. The spring months of 2020 are projected to see the first hearings.