Canada: suspicious transactions drop in BC

According to the BC Attorney General, “suspicious” cash transactions in casinos have dropped considerably since regulation changes.

Canada.- Allegations of money laundering in British Columbia (BC) pushed lawmakers to make drastic changes in gambling legislation, which have proven successful, according to Attorney General David Eby. In a report, he explained that “suspicious” cash transactions in casinos had dropped considerably as of February since measures were taken.

Eby explained that more than US$15 million in suspicious activity was recorded in July 2015 but, as of February, the amount has dropped to around US$154,000. Nonetheless, he explained that not all of the transactions necessarily were due to money-laundering efforts.

“I believe that money has moved elsewhere, and I also believe we have a concern that needs to be dealt with bank drafts,” the DA said to the finance committee as he warned this doesn’t mean anything has been solved as it is only the beginning.

Despite transparency improvements, gambling legislation updates are expected to cost the industry, as the BC Lottery Corporation anticipates losing US$67 million a year over caps placed on high-stakes games. The cap is expected to be reduced to US$7,650, which would chase away a number of high roller clients.