The funding will help beef up outreach and examinations in B.C.'s gambling sector
Ottawa’s increase in funding for the country’s money-laundering watchdog is set to help it beef up outreach and examinations in B.C.'s gambling sector, including more on-the-ground visits to casinos suspected of laundering more than $100 million in ill-gotten gains over the past decade.
During the 2017 fiscal year, FinTRAC completed one examination of a casino entity, but, due to privacy concerns, could not say whether that was the Crown-owned BC Lottery Corp. , which collects reports of possible money-laundering from the province’s 18 casinos then filters them and passes them on to the federal agency. During the previous two fiscal years, FinTRAC examined 14 of the 18 other reporting casino entities across Canada..
FinTRAC said it can assess more than 90 per cent of compliance requirements by visiting the headquarters of a central reporting entity such as the BCLC.
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