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The proposal is part of a move taken to prevent money laundering

A British Columbia Lottery Company (BCLC) report was released last week and said limiting table game purchases to C$10,000 could cause the industry to lose between $34.6 million and $87.7 million in revenue annually. Local crackdowns on money laundering activities will also affect BC's profits from casino game taxes. The province could lose everything between $18.6 million and $47.2 million in its annual budget.

The results of the study were released on Thursday, a confidential report commissioned by the province and conducted last year by HLT Advisory Inc. The report examined the impact of restricting table games with a high limit of purchases exceeding $10,000. In January, the state imposed an interim ban requiring casino players who spend more than $10,000 within 24 hours to fill out documents and prove their financial sources. HLT REVIEW SAYS THIS REGULATION WILL CONTROL HIRAWLER FORMATS PLAYED IN BC CASINOS.

Attorney General David Evey, who took office last year, explains that he has commissioned a report so that potentially lost income can be considered in BC's 2018 budget. According to Minister Evey, the state should not receive money from casinos that represent the proceeds of gang crime. There will be no negative impact on charities that are partially or wholly funded by casinos.

Evie hired Peter German, a former senior Canadian Mounted Police (RCMP) official, to conduct an independent review of organized crime and money laundering practices related to BCM casinos. The results are expected by the end of March, and Germany's recommendations will probably tighten control over the current anti-money laundering (AML) measures and their implementation.

According to the AGE, the previous state government was aware of the misconduct in the HLT report and the casino's many financial reports, but decided to ignore it. Evie believes the report was suppressed by the government. The reason why we have decided to keep it secret so far is that AML measures will affect local budgets. He says he has cleared up criminal proceeds through casinos over the years.

In 2016, Richmond's River Rock Casino issued more than 20 large withdrawal checks, the highest of which was C$2.4 million, according to a survey by Canadian media. According to casino records, some of these checks were issued to customers who did not purchase chips to play in casinos. They are believed to have created a gambling account that allows them to deposit funds through bank bills and keep large sums of money without playing in casinos or playing at all.

It raised a red flag for investigators who claimed the scheme had been used for money laundering for years.
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Sunday, November 26, 2023
 
 
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