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China's Anti-Corruption Drive Expected to Hit BC Lottery Company's Gambling Earnings
Chinese President Xi Jinping's crackdown on corrupt officials is expected to hurt the profitability of the British Columbia Lottery Corporation (BCLC), according to an official document released by Post Media, the gambling industry is under pressure as the Chinese president has been targeting the dark world of corrupt officials for years.
A slide presentation prepared by Ross Alderson, BCLC's anti-money laundering director, provided a detailed prognosis for the expected outcome of China's anti-corruption drive on gambling revenue in British Columbia, as well as information on the risks that gambling revenues from VIP gamblers can hide.
The presentation was first introduced in November 2016 in front of the Accredited Fraud Judges Association in Vancouver. A BCLC spokesperson explained that the purpose of the presentation was to provide detailed information about the company's money laundering program. An illegal remittance company in Richmond also claims to have lent cash to suspected drug dealers. "Whale" gamblers used small bills to buy at BC casinos.
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Earlier, Casino Reports produced articles on the most common occupations of VIP rollers known to be involved in the network, but Alderson's presentation indicated that these Chinese high rollers could be affected by a variety of political and economic factors, including corruption allegations by Chinese officials and a dramatic decline in Macau gambling revenues.
Alderson's announcement did not provide possible information on the possible impact of police operations by China on VIP gamblers in B.C. A famous example of Chinese agents coming into Canada to catch financial fugitives refers to Lai Changxing, who is known to be at the heart of a billion-dollar smuggling operation in China.
According to other documents obtained by Postmedia, BC State Gaming Policy Enforcement conducted an audit at gambling houses across BC state to see if any of the top 100 Chinese fugitives were involved in gambling. The auditor claimed that eight suspects from China's "Skynet List" may have been involved in gambling at a certain moment. China's crackdown on corrupt officials who may be laundering money through BC shares.
Friday, September 1, 2023
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