The Financial Transactions and Reports Analysis Centre of Canada issued a warning related to money laundering at casino venues. Fintrac wants to make it clear that all casino locations should be especially careful when it comes to payments made via a bank draft, as this is the new preferred payment method for individuals aiming to launder dirty cash.
The country is internationally notorious for the lax regulations allowing money laundering. Information flow needs improvement when it comes to the provinces and Ottawa, but it appears that information flow might have brought the spotlight onto casino money laundering. Coverage of the criminal practice involving Canadian casinos and duffle bag s filled with CA$20 banknotes have revealed the ugly truth about the local gaming field throughout the years.
Money Laundering Warnings
Media coverage of the criminal activities that were first unearthed by the Dirty Money report of Dr. Peter German, former RCMP senior commissioner, continued for months after that. The report was issued in the summer of 2018 triggering a chain reaction across the Canadian community and the local casino industry. It became clear that the most common way of laundering crime proceeds is in cash.
As a result of this, criminals are now looking for alternative ways in which they could launder cash without drawing too much attention to themselves. The Financial Transactions and Reports Analysis Centre of Canada highlighted another trend that appears to gain traction nationwide. Using bank draft for gambling payment at brick-and-mortar casino venues might be the new craze.
Fintrac warns casino operators and the management on the premises that they should be aware of this tendency. The relatively anonymous nature allows them to implement them into their criminal operation in a seamless manner, in order to remain as elusive as possible. Nada Semaan, Director of Fintrac, made it clear that this is a way for the criminals to stay off the radar of the police and money laundering watchdogs of Canada.
Cullen Commission Would Reveal More
The special analysis center is constantly looking into reports it receives from casino locations, banks, various insurance companies, and more. This week is also important for nationwide battle against money laundering, as Ottawa is about to welcome the Fintrac forum focusing more on the ways in which casino operation facilitates dirty cash washing. One of the common things many of those bank accounts had was the unemployed status of their owner.
Despite that, a constant flow of withdrawals and deposits could be seen in many of them, usually involving larger amounts of money. Casino locations could use the recommendations issued by the money-laundering watchdog, as this could reduce the negative impact of those crimes. Gambling locations should be especially careful of individuals using bank drafts as their sole payment method in brick-and-mortar casinos.
They should also beware of casino patrons joined by an individual with a current gaming ban or someone who has had a gaming ban issued in the past. Next year the Cullen Commission of Inquiry into Money Laundering is going to highlight the weak spots in British Columbia’s regulation allowing money laundering to proliferate. Public hearings on money laundering took place earlier this fall across British Columbia.
