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

How Does a Pay Per Head Work?

A Pay Per Head business is one in which you pay X amount of dollars per customer per week to have another company run nearly every aspect of your bookmaking business.

How Much Profit do Bookies Make?

How Much Profit do Bookies Make?

Bookies are people that accept action on various sports, and most bookies have an average weekly hold percentage of around 5%.

QuadrigaCX Founder Dies With Only Access to Exchange Password: Made Out Will Days Prior

The CEO and founder of Canadian cryptocurrency exchange QuadrigaCX wrote his will just 12 days prior to his death, but he neglected to disclose the crypto exchange password.

6 Fatal Errors That Could Be Costing Online Bookies Serious Profits

6 Fatal Errors That Could Be Costing Online Bookies Serious Profits

Online bookies need to be aware of 6 fetal errors that cause agents to close shop for good. Find out if you’r making these mistakes and if your sportsbook is spilling potential profits everywhere.

Choosing the Best Sports Betting Software Platform

Choosing the Best Sports Betting Software Platform

Recently, the popularity of sports betting in the U.S. and around the world has seen a tremendous boost in popularity. Furthermore, the internet has seen a large increase in new sportsbooks in the past 6 months. 

Syndicate