Money laundering in B.C. casinos: Preliminary recommendations …

High-stakes gamblers will no longer be able to walk into B.C. casinos and buy chips with bundles of $20 bills stuffed into hockey bags, Attorney General David Eby promised Tuesday.

Eby was explaining to reporters what he hopes will follow from the first two preliminary recommendations filed by independent reviewer Peter German, who was asked to probe allegations that large-scale transnational money laundering has been occurring in B.C. casinos. Eby said that based on German’s findings, gleaned from numerous interviews completed since late September, these allegations have been proven.

German’s first recommendation is that casino operators must complete increased customer identity and source of funds reporting for cash deposits and bearer bond deposits of over $10,000. The second recommendation is that government regulators must maintain a visible presence and increase investigative staff in B.C.’s largest casinos.

Bearer bonds are a controversial financial instrument that is unregistered and therefore only owned by the person

... read more at: http://vancouversun.com/news/local-news/preliminary-findings-of-review-into-money-laundering-at-b-c-casinos-released-by-peter-german

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