Nearly $2 Billion in Dirty Money Suspected to have flowed Through the B.C Casinos
The regulators in B.C Casino believe that approximately $1.7 million have flowed through special Lottery Corp, spectacular accounts with massive amounts funded by criminal bank drafts and loan sharks. The audit documents obtained from the B.C. Gaming Enforcement Branch audit shows that laundering will skyrocket.
It’s not far that official money laundering approximates in B.C’s casino scandal emphasize on gamblers and loan sharks by use of dirty cash bundles as well as suspicious transactions that are found in casino high-limit cash cages.
However, the documents from freedom-of-information request highlight that Chinese high-rollers together with organized crime loan sharks are currently using more complex channels to cash out millions of money into bank drafts and also through B.C. Lottery Corp.
Since 2009, when Lottery Corp. patron gambling accounts were started as an alternative for huge cash transactions, an amount totaling $1.7 billion has been cashed out between 2013 and 2017. Surprisingly, the amount has flowed through bank drafts mostly.
From the desk of regulators, they believe that bank drafts are responsible since the source is observed to be from a group of Chinese High-rollers, not forgetting the B.C loan sharks.
It is also believed that between 2010 and 2016, at least $600 million has been laundered from B.C Casino through the methods used by Chinese VIPs with loan sharks, following the reports from Gaming Enforcement Branch documents. The most significant percentage of this money was billed in $20s- most used currency when it comes to B.C’s illegal drug trade.
However, calculating the figures well using the estimates, the money laundered between 2010 and 2018 can add to almost $2 billion. For instance, take the $1.7 billion that the regulators claim to believe they are missing plus the others that are yet to be traced or believed to be cashed out illegally.
What does this mean? It means that the B.C management already has a low estimate amounting to $100 million laundered in B.C Casino. The $100 million was retrieved from Mountie Peter German’s review.
It came as a surprise when B.C’s management was questioned about the many incidences of money laundering unearthed by Global’s investigation- there was no answer for that matter.
But the government went ahead and said something concerning the question. They only said that the report from Peter German had awakened them to put more efforts to prevent the laundering incidences that have been witnessed. It also added that they accepted his recommendations and they will implement them with the help of B.C. Lottery Corporation.
Lottery Corp. had something to put across. It said that only cash coming from recognized financial institutions would be placed on PGF (Patron Gaming Fund) account when accounts are being opened. It added that BCLC is useful in monitoring PGF account activity and play activity and also investigates suspicious activities.
According to documents, there have been suspicious bank drafts. The same documents unveil that Lottery Corp. “patron gaming accounts” are used by many Chinese high-rollers. The Chinese have been transacting with massive amounts from murky origins towards Vancouver-area casinos.
Such gaming accounts were highly discussed in 2013 after the police officers and investigators from B.C. Gaming enforcement complained heavily by the increased number of Chinese in the casinos with suspicious money.
Lottery Corp. reported that the brand new non-cash accounts were to be funded through Wire transfer while the bank drafts run via financial institutions. The action was aimed to curb the massive money transactions around Vancouver and ease auditing services.
However, from the audit documents, bank drafts were highly used to fund the patron gaming accounts- these drafts were suspicious.