British Columbia launches inquiry into money laundering
The British Columbian government has commenced its inquiry into money laundering in the Canadian province, with a focus on identifying possible links with the gambling sector.
The British Columbian government has commenced its inquiry into money laundering in the Canadian province, with a focus on identifying possible links with the gambling sector.
Recent government-commissioned reports highlighted gaming as one of several industries that could have issues with money laundering, alongside the luxury car and real estate markets. Media reports estimate that as much as CAD$5bn was laundered in the province in 2018 alone.
The New Democratic Party-led government has launched the inquiry to uncover further evidence and establish how it can address such problems.
Among the initial issues covered in the reports was that people had been allowed to enter casinos with large bags of cash, but were not questioned by staff as to how they acquired the money. This, the government said, raised concerns over potential links money laundering.