B C lottery president says cash limits at casinos no panacea to fight illegal money - BC News castanet.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from castanet.net Daily Mail and Mail on Sunday newspapers.
B.C. lottery president says cash limits at casinos no panacea to fight illegal money
Commissioner Austin Cullen, back centre, listens to introductions before opening statements at the Cullen Commission of Inquiry into Money Laundering in British Columbia in Vancouver on Monday, Feb. 24, 2020. The president of the British Columbia Lottery Corp. says restricting large cash buy-ins at casinos was not a panacea to fight money laundering despite government concerns and calls for tighter controls dating back to 2015. THE CANADIAN PRESS/Darryl Dyck January 29, 2021 - 3:57 PM
VANCOUVER - The president of the British Columbia Lottery Corp. says the former Liberal government called for tighter controls on cash at casinos but didn t order the Crown corporation to impose buy-in limits on gamblers as part of its overall anti-money laundering strategy.
B.C. Lottery Corp. CEO blown away by police report of organized crime at casinos
Commissioner Austin Cullen listens to introductions before opening statements at the Cullen Commission of Inquiry into Money Laundering in British Columbia, in Vancouver, on February 24, 2020. THE CANADIAN PRESS/Darryl Dyck January 28, 2021 - 4:36 PM
VANCOUVER - The president of the British Columbia Lottery Corp. says the first time he officially heard organized crime groups were laundering money at provincial casinos was six years ago during a meeting with the RCMP.
Up until the 2015 police briefing, there had long been concerns about suspicious cash circulating at casinos but the RCMP report confirmed it, Jim Lightbody told an inquiry into money laundering on Thursday.
That was a pivotal moment for us because we had now heard from the RCMP . that there are proceeds of crime being used through a money service business in Richmond, Lightbody said. That alarmed me greatly. I was blown away.
Lightbody testified the report prompted the lottery corporation to step up its anti-money laundering efforts in 2015, which included requiring some players to disclose the source of their cash and banning others from the facilities outright. We were all shocked at this, he said. We said, We ve got to do something about this.
The lottery corporation which has a mandate to manage and safeguard casinos implemented a policy in 2018 saying players wanting to buy in at a casino with $10,000 or more in cash must prove where the money came from.
President of B C lottery corporation was blown away by RCMP report of organized crime at casinos theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.