How to Launder Money Through Casinos – The ‘Vancouver Model’

Written by:
Guest
Published on:
Dec/04/2017

Foreigners, mostly Chinese businessmen, laundering millions of dollars through the River Rock Casino in Vancouver, British Columbia, has become so prevalent, the method has even been given a name: The “Vancouver Model”.

"Our international reputation is on the line," said Attorney General David Eby, speaking at an anti-corruption law conference in Vancouver, where he promised to announce action later this week seeking to rein in money laundering.

A previously suppressed report on money laundering at the popular River Rock Casino by accounting firm MNP suggests that Chinese VIP gamblers laid down buy-ins sometimes in excess of $500,000 to wash their proceeds of crime.

In one month (July 2015), the casino accepted $13.5 million in $20 bills alone.

“River Rock staff [members] have fostered a culture accepting of large bulk cash transactions.

“The issue of casinos, [River Rock] in particular, accepting large volumes of cash has now been a growing issue in the province for a number of years,” noted the report.

Elby claims the province has turned a blind eye to this activity due to the amount of money that has thus far been generated.

"They evaluated the costs of cracking down on white-collar crime, on fraud, on money laundering, and determined that the benefits of inaction outweighed the costs of action."

Mr. Eby said he has already sent the British Columbia Lottery Corp., which oversees casinos, new instructions based on preliminary recommendations that were due to go public on Tuesday.

- Gilbert Horowitz, Gambling911.com

Business/Financial News

Bitcoin Betting for Dummies ....and Five-Year-Olds

What's often lost in the discussion is that bitcoin is really no different than PayPal, the intermediate payment platform that is now commonplace among nearly anyone who conducts financial transactions online. 

Russian Hacking Dependent on Bitcoin: Price Unaffected Thus Far

Russian Hacking Dependent on Bitcoin: Price Unaffected Thus Far

US Deputy Attorney General Rob Rosenstein announced Friday afternoon a series of bombshell indictments related to alleged Russian meddling in the 2016 US Presidential elections.  The indictment claims the scheme was dependent on the cryptocurrency bitcoin.

Summer Betting Events Aren't Over Yet: Here's What Bookies Should Offer

Summer betting is in full swing, and there’s still plenty of money to be made.

3 Online Bookie Business Myths & The Real Truths About The Business

3 Online Bookie Business Myths & The Real Truths About The Business

Interested in running a sportsbook, but discouraged by a few myths?  The online bookie pros will put these myths to bed, explaining everything step-by-step and to the point. Learn the truth of the bookmaking business and start profiting now.

Ways to help you find the Right Sportsbook Pay Per Head

Ways to help you find the Right Sportsbook Pay Per Head

Not all Pay Per Head operators are built the same.  Finding the right Sportsbook Pay Per Head is essential for any bookmaker or agent.

Syndicate