CANADIANS TO SMARTEN UP ON MONEY LAUNDERING (Update)

30 May 2008

CBC sting operation has a far-reaching impact


The "sting" media investigation of Canadian gambling money laundering at land casinos by CBC News last week (see previous InfoPowa reports) has spurred British Columbia provincial government officials into action, the network reports.

The BC Lottery Corporation is reviewing its anti money laundering procedures and plans to revisit current policies and procedures around reporting suspicious financial transactions and the issuing of cheques at casinos, the provincial Solicitor General John van Dongen said.

The CBC sent investigative teams to two casinos, where they deposited large and small amounts into slot machines and then withdrew the tabs, requesting cheques to launder the money. Some of the amounts were large enough to warrant reporting to the Financial Transactions Reports Analysis Centre of Canada, or FINTRAC, the federal agency that tracks money laundering. Yet few questions were asked, and investigations revealed that BCLC was reporting only a fraction of the suspicious transactions.

Van Dongen acknowledged that the CBC investigation had highlighted 'failures in policy', and he assured CBC that an action plan has been formulated. Staff training will be improved, and the failure to report to FINTRAC would also be addressed, with a six year backlog studied.

Online Casino News courtesy of InfoPowa