Money-laundering at BC casinos: Review calls for increased reporting of big cash deposits

Preliminary recommendations from a review into B.C. casino money laundering allegations say that casino operators must complete increased customer source of funds reporting for big cash deposits and a controversial form of currency known as ‘bearer bonds.’ And secondly, government regulators must maintain a visible presence and increase investigative staff in B.C.’s largest casinos.

Attorney General David Eby directed B.C. Lottery Corp. to implement these first two preliminary recommendations from independent reviewer Peter German as soon as possible, a statement from Eby says.

German’s first recommendation is that casino operators must complete a “source of funds declaration” for cash deposit or bearer bond deposits of $10,000 or more.

German’s first recommendation suggests that bearer bonds — a controversial financial instrument that is unregistered and therefore only owned by the person who is physically holding the document — have been used as a cash alternative in B.C. casinos.

The Financial Times has reported that although

... read more at: