Lillooet_Hillbilly Posted March 24, 2016 Share Posted March 24, 2016 Suspicious transactions in real estate, casinos and even a government liquor store show the need for greater attention to money laundering in B.C., say NDP MLAs. NDP leader John Horgan released documents Wednesday on three incidents. One involved a traffic stop by RCMP at a Chilliwack casino in December, where the driver was found leaving his car in a parking spot reserved for disabled people. Inside the car were $16,000 cash and $29,000 worth of casino cheques, along with pills and crack cocaine. B.C.'s Civil Forfeiture office has applied to court to seize the money and the 2014 Camaro as proceeds of crime. The suit alleges the man has laundered more than $2 million in drug dealing profits through small regional casinos in northern B.C. Emails released by Horgan and liquor and gambling critic David Eby show a manager at the "Signature" liquor store in downtown Vancouver questioning a series of 2015 cash purchases of more than $10,000. A senior Liquor Distribution Branch manager replied that liquor stores are not covered by federal financial reporting rules, but large transactions should be reported internally. The third case emerges from testimony at the B.C. Securities Commission, where a realtor allegedly deposited a $50,000 money order obtained by fraud at a West Vancouver bank as part of a $500,000 down payment for a Vancouver home. The federal Financial Transactions and Reports Analysis Centre (FINTRAC) requires reporting of transactions more than $10,000 that may be money laundering. In a casino, money can be laundered by using cash to buy a large amount of chips, gambling a small amount and then cashing in the chips for a casino cheque. "FINTRAC is simply a warehouse of information for law enforcement, respondent to requests for assistance and analysis when requested," Horgan said. "If police don't have the resources to investigate, don't have the staff to ask for analysis, we're left collecting information that nobody uses and relying on traffic stops as our major anti-money laundering strategy," Horgan said. well its no big surprise that this is happening but I knew something was off when the limit at casino's was raised from 45k to 100k The changes took effect in January, 2014, and raised the maximum aggregate limit – the total of all bets on the table – from $45,000 to $100,000 for baccarat. That resulted in more money for some casinos and for the lottery corporation, which in its report for the year ended March 31, 2015, said “exceptional performance” in high-limit table games offset lower-than-expected lottery sales and helped generate a record $1.25-billion profit for the crown corporation. Link to comment Share on other sites More sharing options...
nucklehead Posted March 24, 2016 Share Posted March 24, 2016 Link to comment Share on other sites More sharing options...
-DLC- Posted March 24, 2016 Share Posted March 24, 2016 About time to close some loopholes that are being exploited. Too little too late, but this affects the quality of life for the rest of us so I'm happy to hear that it's at least starting to be exposed. David Eby is a champion...love that guy. Link to comment Share on other sites More sharing options...
Ghostsof1915 Posted March 24, 2016 Share Posted March 24, 2016 Contrepreneurs. Link to comment Share on other sites More sharing options...
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