Press Releases

British Columbia at risk of loosing money on money laundering crackdown

Published

7 years ago

March 20, 2018

Athira A

Photo credits: www.google.co.in

Reading Time: < 1 minute

The British Columbia Lottery Corporation, the Canadian crown corporation which offers a range of gambling products commissioned a report from HLT Advisory Inc which revealed that the crackdown on money laundering casinos in the provinces would take around €29 million from the BC’s annual budget.

As per the evaluations in the report a ban on “high limit” table gambling in which cash buy-ins exceed €6,000 would be disastrous for gaming revenues, causing a deterioration of up to €18.6 million in revenues. Moreover, it emphasises that it would drive away big gamblers but merely get the rest of them to bet one dollar below the limit. Meanwhile, B.C.’s share of gambling revenue through the BCLC would be at the risk of losing an amount between €11.5 million and €29.3 million.

The BCLC is also anticipating the results of another report issued to former high-ranking Mountie Peter German, who will deliver his own results before the end of this month.

Money laundering took the spotlight in British Columbia after a report commissioned by the former BC Liberal government in 2016 (released last year) which found irregularities at Richmond’s River Rock Casino, including the acceptance of single cash buy-ins in excess of €310,000. It also detailed that the majority of the large cash transactions flowing through the casino were from “high roller Asian VIP clients.”

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Athira A

Athira is a self-described “logophile” – a lover of words. She loves updating her vocabulary and playing around with words, to frame a sensible world of letters. Letters come alive when they become words and when words become sentences. And that’s her job, to put them together in a meaningful way without loosing its essence. She has written content for websites, articles and poems for an international magazine, and press releases as well. She also loves writing on social media. She holds a Masters degree in bio-technology, but she has always been interested in the organic farming of words. Besides writing content for our daily news feed, she is also working as staff writer/editor with Impressions Content Management, based in Kerala, India, which offers writing and editing services to clients around the world.